Soham Thacker, the founder of Gujarat-based e-sports start-up Gamerji, has seen the number of users on his video gaming platform surge to 1.4 million from 200,000 in March last year, as homebound users turned to alternative forms of digital entertainment during Covid-19 lockdowns.
The platform includes popular options such as football game FIFA Mobile and battle games Clash Royale and Free Fire, through which players from across the country compete with each other in e-tournaments.
“The pandemic played a huge part in the growth,” Mr Thacker, who is also an avid gamer, said.
A burgeoning user base for gaming in India has also caught investors’ eyes. Gamerji, founded in 2019, raised seed capital of $500,000 in November from an Indian venture capital firm, along with the participation of a few angel investors, and is expecting to close its next round of funding later this year.
India's gaming industry has emerged as one of the fastest-growing forms of entertainment during the pandemic, with the sector's value rising to $1.5bn last year, from $1.1 billion in 2019, and is expected to almost double to $2.8bn by 2022, according to Deloitte's Technology, Media and Telecommunications Predictions 2021 report.
Between 2020 and 2022, some 40 million new online gamers are set to emerge in India, taking the total to 368 million, Deloitte said. India has the second-largest number of online gamers in the world, after China.
The country's gaming sector – which has long lagged behind the likes of the US and Europe – was starting to expand before the pandemic, but the crisis has propelled the industry forward at a much faster pace.
“Primarily over the past 15 months, that has been the pivotal point of the growth trajectory, driven by quarantines and lockdowns and a lot of people had limited access to alternative modes of entertainment and more time and disposable money,” said Parth Das, an entrepreneur and investor who set up the Collective Ace group to focus on mergers and acquisitions, and the service sector in the gaming industry.
Most gamers in India play on their smartphones, with mobile gaming making up 85 per cent of online gaming. The growth trend has been boosted by rising smartphone ownership and lower data costs, as well as the country's large young population. Popular games include card and cricket games, but serious players compete for prizes in e-sport tournaments, a niche but growing segment.
The majority of gamers are male, under the age of 35 and based in India's biggest cities.
The surge in popularity for gaming in India is such that platforms on which games can be viewed are also benefiting.
In the years to come, there is no doubt that India can become a global e-sports powerhouse
Sai Srinivas,
co-founder and chief executive of Mobile Premier League
Loco, a Mumbai-based streaming platform for video games, on Monday announced it had received $9m from investors, including South Korean gaming company Krafton and India's gaming and interactive media fund, Lumikai.
The funds will be used to “fuel the platform’s innovation efforts across game streaming technology and gaming content” as gaming moves “from a niche hobby to a mainstream national interest”, Loco said.
Monthly active viewers on Loco have increased six times over the past year, while its monthly active streamers have risen tenfold and live watching hours are up 48 times since June 2020, the company said.
The platform, which competes with YouTube, features some of the country's most popular streamers who play games including Grand Theft Auto, Clash of Clans and PlayerUnknown's Battlegrounds (PUBG) — one of the most popular games that recently returned to India. Along with a number of other apps, PUBG, which was published by China's Tencent, was banned last year by the Indian government amid border tensions with China, but it has now returned to India with a local version.
Many gaming companies are reporting significant growth since the start of the pandemic, including Mobile Premier League.
Founded in 2018, it is one of India's biggest gaming platforms that features games including rummy, pool and chess. In just three years, it has seen its user base expand to more than 75 million and last week announced its foray into the US market.
Its focus is on the e-sports segment that allows players to compete at a professional level.
“Over the years, the industry has seen a steady shift to the mainstream,” Sai Srinivas, co-founder and chief executive of Mobile Premier League, said. “In the years to come, there is no doubt that India can become a global e-sports powerhouse. We have one of the world’s largest youth populations as well as a growing, dynamic talent pool of game developers who are creating world-class games.”
The company aims “to help such home-grown talent get new revenue streams by taking their offerings not just to a growing national audience but to a global user base”, Mr Srinivas said.
While awareness of e-sports is still relatively limited, Mr Srinivas said the scope for the expansion of gaming in India is enormous as internet connectivity improves in smaller cities and towns, and females increasingly show interest.
But even as the sector grows, industry insiders are calling for regulation.
“The major challenge with the gaming industry in India is that it lacks a good legal and regulatory framework to support this industry,” said Tarun Gupta, the founder of Ultimate Battle, an Indian e-sports platform that is adding about 50,000 users a month.
Regulation would bring issues such as privacy and content under control, he said. However, investors are not deterred despite the lack of a regulatory framework.
Milan Ganatra is an entrepreneur and investor who recently invested in gaming app Halaplay, marking his first investment in the sector.
“To give you a pure investor point of view, it was a completely numbers-driven decision,” Mr Ganatra said. “From a market value perspective, as an industry I have found value and immense potential in it.
“Real money gaming, in particular, has had a great momentum over the past few years and has got the Indian audience excited about not just having the opportunity to engage in a skill or sport they’re passionate about, but also incentivising them for those skills.”
India's gaming sector is also expected to generate a range of new jobs.
Real money gaming, in particular, has had a great momentum over the past few years and has gotten the Indian audience excited about not just having the opportunity to engage in a skill or sport they’re passionate about, but also incentivising them for those skills
Milan Ganatra,
entrepreneur and investor
“This industry demands professionals to keep the system growing … including designers, managers, media and PR managers, game developers,” said Abhishek Aggarwal, co-founder and chief executive of Trinity Gaming, an Indian gaming talent management company that helps gamers and content creators pursue successful careers.
One way for gamers to earn money is through brand partnerships, Mr Aggarwal said.
“Thanks to the increase in watch time and high interaction level of gaming influencers with their audience, these collaborations are high in demand,” he said.
New platforms also need to strive for profitability, experts said.
The casual online gaming market is largely advertisement-driven, with just 40 per cent of revenue coming from consumer spending, according to KPMG.
“We're not right now profitable,” said Saurabh Pandey, co-founder and chief executive of EloElo, a Bangalore-based gaming start-up launched last year. “We are focusing on engagement. In the next few months, you would start seeing us bringing in a lot of in-app currencies, more brand associations to generate revenue.”
While the number of gamers in India is huge, revenue is lagging, said Collective Ace's Mr Das.
“What's happening now is that most of the business models are evolving now.
“They're moving away from the download volume, advertisement segment, into building revenue streams around customer engagement, including expansion packs, virtual coins,” he said, which users can purchase within the apps to get access to more features of a game.
This could, quite literally, be a game-changer.
If India can boost revenue streams coming into the sector, “this is will make a big difference in India's global position” in the gaming industry, Mr Das said.
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
Zayed Sustainability Prize
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Zayed Sustainability Prize
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
