Nikhil KamathEp# 17 | WTF is Gaming in India? | Career, Investment, Entrepreneurship
CHAPTERS
Icebreaker, personalities, and why gaming is the theme
Nikhil kicks off with the show’s usual “controversial thing about me” prompt and quickly sets the context: he’s trying to understand gaming as the next big youth attention sink. Nitish hints at how his personality and long-term mindset shaped Nazara’s journey.
- •Group icebreaker reveals Nitish’s temperament vs calm public image
- •Nikhil frames the episode as a curiosity-led deep dive into Indian gaming
- •The discussion sets up gaming as a major shift in youth attention and entertainment
YPO explained: networking, trust, and the ‘rich people hangout’ critique
Nitish explains Young Presidents’ Organization (YPO) as a learning and networking group, while Nikhil challenges why people pay to join and then volunteer. They unpack why YPO members trust each other and what the ‘brotherhood’ actually means in practice.
- •What YPO is and what members get from it (learning trips, close networks)
- •Nikhil’s skepticism: pay fees, work for free, closed-door culture
- •Why trust exists: confidentiality norms, shared codes, and status signaling
Nazara’s origin story and the decision to list: credibility vs quarterly pressure
Nitish introduces Nazara Technologies as India’s first listed gaming company and defends the IPO decision. The group debates the real incentives for going public—PR, brand trust, partner credibility, and simplifying investor rights—alongside the downsides of public-market scrutiny.
- •Nazara background: founder story, early coding passion, long industry cycle
- •Listing benefits: visibility, credibility with global partners, ‘planting a flag’ for India gaming
- •Trade-offs: compliance, transparency expectations, quarterly-result pressure
- •Entrepreneur psychology: public markets remove VC preference structures and special rights
Sean Sohn’s journey: South Korea’s growth story and how he landed in India
Sean shares his upbringing in South Korea and how the country rapidly developed over decades. He explains how Krafton started taking India seriously through early visits, investments, and a deliberate effort to build a local footprint.
- •South Korea’s economic acceleration and social context (homogeneous, language, education)
- •Krafton’s early India interest driven by leadership visits and market potential
- •Initial India investments (e.g., Nodwin) and building local engagement
- •Sean’s personal path: gaming hobby → game designer → banking → Krafton leadership
Esports 101 and why PUBG got banned: PUBG Mobile vs BGMI, Tencent’s role
Animesh breaks down esports as structured competitive gaming with teams, rosters, and prize pools, while the group clarifies shooter subgenres (FPS/TPS). They explain the PUBG Mobile ban context and how Krafton rebuilt for India via BGMI, distinct from Tencent’s mobile version rights.
- •Esports definition: competitive format, teams, tournaments, high stakes
- •FPS vs TPS and what shooter popularity looks like in India
- •PUBG PC (Krafton) vs PUBG Mobile (Tencent publishing rights)
- •India ban dynamics and how BGMI was created as an India-specific version
- •Tencent’s relationship with Krafton as an investor and ecosystem player
The ‘Splinternet’ and China’s dominance: why India struggles to build world-class games
Joseph frames a potential future where internet ecosystems fragment by geopolitics, affecting IP ownership and hosting. He argues China dominates mobile shooters due to deep expertise, intensity, and scale, while India’s ecosystem historically skewed toward services/live-ops rather than original game creation.
- •‘Splinternet’ concept: national policies shaping apps, licensing, local partners
- •China’s advantage in shooters: execution culture, budgets, pipeline expertise
- •India’s historical model: services/live-ops for Western titles, fewer original hits
- •Notable India scale examples: Ludo King (downloads) vs monetization challenges
- •What must change: talent pipeline, cultural acceptance, and product-building capability
Careers in gaming: standing out, digital footprint, and the talent/culture gap
The panel shifts from industry analysis to actionable career advice. Joseph emphasizes showing work beyond resumes—projects, blogs, prototypes—while also highlighting why India loses talent (abroad and to ‘safer’ tech firms) and why gaming isn’t yet seen as prestigious by many parents.
- •How to get hired: portfolios, prototypes, blog posts, visible problem-solving
- •Role specificity matters (PM vs engineering vs design), but proof-of-work is universal
- •Cultural stigma: gaming careers often not ‘approved’ by families in India
- •Gaming as a training ground: cross-disciplinary skills valued by big tech
- •Why Indian studios struggle: early ecosystem, limited ‘new game dev’ culture
Animesh / 8Bit Thug: from CA/CFA track to esports & creator economy
Animesh explains his name origin and his path from finance qualifications to full-time gaming. He breaks down why people watch streams (storytelling, competition, community), and offers a realistic view of how careers in streaming/esports work in India.
- •Origin of ‘8Bit Thug’: clan roots and gamer identity continuity
- •Why streams work: like sports fandom + creator storytelling + live chat community
- •Earnings are skewed: top creators can reach ~$1M/year; most earn little
- •Pro esports player income range: top tier ~₹30–35L/year, limited seats
- •Advice: gaming needs a backup plan until stable traction/contract appears
Where youth attention is going: gaming as the new ‘cricket,’ and how brands sell to gamers
Nitish argues gaming increasingly replaces cricket as the center of youth identity, especially among younger kids. The group discusses selling to gamers via in-game integrations, creator-led brands (MrBeast/Feastables), and emerging ‘G-commerce’ opportunities.
- •Attention shift: younger cohorts spend more time gaming; social media rises later
- •Gaming engagement is ‘active’ vs passive media—strong commercial potential
- •Brand playbooks: in-game skins/integrations, influencer-led products, status signaling
- •G-commerce: selling through games and communities as a new distribution channel
- •Examples: Minecraft/Roblox as cultural hubs for kids, not just games
UGC platforms + AI: Roblox/UEFN as a ‘million-dollar’ entry point and the new dev era
Joseph and Nitish highlight user-generated content platforms (Roblox, UEFN) where young creators can build and monetize experiences. They connect this to AI accelerating development—shifting from huge-budget “long vector” projects to smaller teams shipping faster, potentially creating outsized winners.
- •UGC explained: creators build games inside platforms (Roblox, Fortnite UEFN)
- •How to start: play many games → understand why they work → learn tools (Lua) → ship and iterate
- •Evidence of upside: top teen creators and Roblox hits generating massive revenue
- •AI in gaming: learn tools (ChatGPT/Claude) + fundamentals (LLMs, open source)
- •AI opportunities: conversational NPCs, art workflow automation, faster production cycles
Game types and monetization: mid-core vs casual vs hyper-casual, ads vs IAP, and why hyper-casual is fading
They define genre buckets and how complexity ties to retention and business models. Hyper-casual’s ad-heavy model weakens due to Apple privacy changes (IDFA), pushing the market toward hybrid-casual and stronger in-app purchase mechanics, especially for mid-core shooters in India.
- •Definitions: mid-core/hardcore require focus and deeper systems; casual simpler; hyper-casual ad-heavy
- •Retention differences: hyper-casual tends to retain for fewer days
- •Why hyper-casual is declining: reduced ad targeting due to Apple privacy/IDFA
- •Monetization choices: IAP dominates mid-core; ads more common in lighter games
- •India revenue skew: shooters + select casual titles (Ludo/cricket) drive major spend
Why battle royale wins: social squads, variability, and ‘status’ psychology
The panel unpacks why BGMI/battle royale games succeed: they’re social, unpredictable, and deliver emotional highs. Joseph links game success to latent human desires—progress, status, fame within a server—and explains the ‘variable reward’ loop that keeps players engaged.
- •Core drivers: squad voice chat + emergent stories + low repeatability per match
- •Variable rewards and ‘Skinner box’ dynamics explain compulsion loops
- •Status mechanics: being ‘best of 100’ or famous inside a game server
- •Different cultures prefer different desires (e.g., Japan favors RPGs)
- •Switching costs: in-game identity and social circles create stickiness
Post-COVID ‘crash’ debate: layoffs, market correction, and what’s actually working
Nikhil asks whether gaming is failing due to layoffs and pulled projects. The group argues it’s a cyclical correction after COVID over-hiring and overinvestment; in India, the reset filtered out players chasing quick money and rewarded sustainable operators.
- •COVID spike led to overinvestment; the industry is normalizing
- •Not a collapse: long-term trajectory remains strong, especially mobile
- •Esports/creator income has softened, but healthier discipline is returning
- •Sustainable businesses outperform during downturns (spend discipline, long-term view)
- •India gamer counts debated: mobile dominates (95%+), paying cohort estimated ~80–100M
Real Money Gaming (RMG) in India: user demand, regulation trade-offs, and GST shock
They tackle the controversial RMG segment, especially the GST change to 28% on deposits. Nitish argues demand won’t disappear—bans push users underground—so a balanced regulated framework is preferable, while others note the abrupt tax shift hit companies hard.
- •RMG demand is real; bans often increase irresponsible underground play
- •GST change: from taxing rake (operator revenue) to taxing deposits/entry amounts
- •Industry impact: sharp profitability shock; users partially insulated via promotions
- •Policy tension: consumer protection + tax revenue vs innovation and market distortion
- •Comparison points: Dream11 scale and how RMG affects total ‘gamer’ counts
The next 5 years: VR vs AR, faster pacing, and community-driven discovery
Panelists predict what endures: faster-paced experiences, social-first design, and new interfaces. Nitish bets VR will finally mature with Apple/Meta/Sony pushing; Sean is more optimistic on AR due to comfort and accessibility; they discuss Discord/Twitch/YouTube as community and discovery rails.
- •Attention spans shrinking: games must deliver ‘next event’ faster (Animesh)
- •VR outlook: improving hardware may shift from ‘playing’ to ‘being in’ the game (Nitish)
- •AR outlook: more practical near-term than VR due to comfort (Sean)
- •Discord: community + feedback loops; Twitch/YouTube: influencer-led distribution
- •How games go viral: creator involvement early, refer-a-friend loops, built-in sharing
Building games in India: ship fast, focus on retention metrics, and how to pitch publishers
Nitish stresses execution: ship MVPs quickly, use data to iterate, and avoid vanity metrics like downloads. They outline what serious stakeholders look for (D1/D7 retention) and point to structured ways for developers to approach Nazara and Krafton for publishing/incubation.
- •Execution mantra: ship fast, iterate, don’t spend 18–24 months before testing
- •Real metrics vs vanity: D1/D7 retention, drop-off analysis, engagement funnels
- •Publishing pathways: Nazara Publishing application process; Krafton incubator direction
- •Developer challenge: making games that are fun to play and also fun to watch
- •Conferences and access: IGDC as an industry hub; creators as an alternative entry point
Core skills for gaming careers: art, engineering, product, design, analytics—and why design is hardest in India
They enumerate the major disciplines behind game creation and discuss pay ranges and learning routes. Joseph argues design is the weakest local discipline due to limited exposure and apprenticeship culture, while analytics and engineering are increasingly valuable; AI may disrupt lower-level art work fastest.
- •Five skill tracks: art, engineering, product/production, game design, data analytics
- •Engineering stack: Unity/C# now, Unreal/C++ trend; front-end vs back-end distinction
- •Game design split: gameplay feel vs systems/meta/progression design
- •AI disruption: art (and some coding) tasks likely automated at lower/mid levels
- •Analytics: retention, funnel drop-offs, and data-driven iteration as core competency
Closing: building a pipeline for young talent—WTFund grants, mentorship, and internships
The episode ends with a concrete community initiative: funding, mentorship, and support for ~20 high-potential young people in gaming. Nitish and Nikhil commit capital, while Krafton, Animesh, and Joseph commit time, mentoring, and program integration to help entrants break in.
- •Nazara commits ₹1 crore; Nikhil commits ₹1 crore toward emerging talent support
- •Mentorship/tours: Lila Games and Animesh offer structured guidance and access
- •Krafton discusses expanding incubator-style support for earlier-stage builders
- •Plan: open applications, shortlist ~20 based on agreed metrics, then deliver grants/time/credits
- •Goal: create clear pathways into gaming careers beyond just ‘pro player/streamer’
