Nikhil KamathEp# 17 | WTF is Gaming in India? | Career, Investment, Entrepreneurship
CHAPTERS
- 0:00 – 5:16
Personal icebreakers, introversion, and the YPO ‘rich people hangout’ debate
Nikhil opens with a “controversial thing about yourself” prompt, leading into Nitish’s self-description as temperamental despite a calm reputation. The conversation quickly pivots into what YPO is, why members trust each other, and Nikhil’s skepticism about its real value.
- •Nitish reveals he can be moody/explosive rarely, despite industry perception
- •YPO explained: close-knit network, learning events, global chapters
- •Nikhil challenges YPO’s ‘pay to work for free’ dynamic and perceived exclusivity
- •Trust and confidentiality as the practical glue of the YPO network
- 5:16 – 13:42
Nazara and going public: why listing can be worth it
Nitish introduces himself as founder-CEO of Nazara Technologies and explains why he doesn’t regret listing. He frames IPO benefits as credibility with global partners, brand visibility, and freeing founders from VC preference structures—while acknowledging quarterly pressure and the need for transparency.
- •Nazara positioned as India’s only listed gaming company; Nitish started coding games at 7
- •Listing as flag-planting/PR + credibility for global partnerships
- •Public markets vs VC terms: equal rights for all shareholders feels ‘empowering’
- •Costs and pressures of being public: quarterly expectations, transparency norms
- 13:42 – 19:28
Krafton’s scale and Sean Sohn’s Korea-to-India journey
Sean introduces his background in South Korea, Korea’s rapid GDP growth story, and the realities of a homogeneous society. He explains how Krafton began taking India seriously and why he ended up leading Krafton India after a career shift from gaming to banking and back.
- •Korea’s growth arc and social structure; limited ties to North Korea
- •Sean’s early gaming hobby → game designer → marketing/sales → banking → Krafton
- •Krafton’s India interest began years before: visits, ecosystem scouting
- •First strategic India investment discussions and building local presence
- 19:28 – 24:42
Nodwin, esports explained, and India’s shooter-heavy competitive scene
The group discusses Akshat Rathee and Nodwin’s role in shaping Indian esports. Animesh defines esports and clarifies common genres, emphasizing FPS/TPS popularity and how competitive formats mirror traditional sports structures.
- •Nodwin’s contribution to Indian esports growth and consistency since early days
- •Esports definition: organized competitive gaming with teams, rosters, tournaments
- •Genre primer: FPS vs TPS; why shooters dominate Indian interest
- •High-stakes tournaments and prize pools as the ecosystem’s backbone
- 24:42 – 26:23
PUBG ban, BGMI, Tencent-Krafton relationships, and the ‘splinternet’ risk
They unpack why PUBG Mobile was banned, how BGMI emerged as an India-specific version, and Tencent’s role as an investor/partner. The conversation expands into geopolitical fragmentation—how countries may require local ownership/hosting of digital products.
- •PUBG PC vs PUBG Mobile licensing; Tencent’s role and Krafton’s stake connections
- •India ban triggers BGMI: same core gameplay, altered compliance/origin constraints
- •‘Splinternet’ concept: national internet blocks, licenses, local partners
- •Geopolitics shaping gaming supply chains and market access
- 26:23 – 36:35
Why India hasn’t produced many global-hit games: talent, culture, and monetization
Joseph argues India’s development ecosystem is still early, historically services/live-ops oriented, and lacks deep shooter expertise compared to China. They discuss the few breakouts (Ludo King, indie titles) and why monetization, talent retention, and parental perceptions constrain progress.
- •China’s edge: deep shooter expertise, intense work culture, strategic investment
- •India’s history: mobile-first consumption, services/live-ops vs new IP creation
- •Ludo King as massive downloads but limited revenue; monetization gap
- •Cultural hurdle: gaming not seen as ‘prestigious’ career; talent diverted abroad/other industries
- 36:35 – 57:48
Breaking into gaming careers: digital footprint, roles beyond ‘pro gamer’, and realistic paths
Nikhil probes what a young person should learn to enter gaming; Joseph emphasizes showing work via projects, blogs, and proofs rather than resumes. Animesh stresses India’s youth ecosystem is still defining roles and warns aspiring gamers to keep backups until meaningful traction appears.
- •Hiring signal: portfolios, prototypes, blog posts, YouTube—evidence of thinking/doing
- •Publisher vs developer roles clarified; examples of publishing partnerships
- •India’s gaming boom was consumption-led (2019+), career pathways still forming
- •For pro gaming: timing/luck + skill; keep a backup until stable income/contract
- 57:48 – 1:06:25
Where youth attention is moving: gaming as the new ‘cricket’ for kids
Nikhil asks how under-30 time splits across social, gaming, TV, and sports; Nitish describes a generational shift via his kids’ habits. The group explores why gaming’s engagement is different from passive media and how commerce/brands can tap gamers.
- •Kids’ routines: gaming + watching gaming content (Minecraft/streamers)
- •Gaming replacing cricket as the primary shared culture among younger cohorts
- •Engagement thesis: interactive focus vs passive viewing
- •G-commerce/in-game integrations as emerging monetization channel for brands
- 1:06:25 – 1:18:29
AI + UGC platforms (Roblox/UEFN): the new creator economy for games
Joseph outlines a strategy of ‘AI cross gaming’ and argues AI will radically shrink development costs, enabling tiny teams or even individuals to build big games. They explain UGC platforms like Roblox/UEFN and how young creators can learn, iterate, and potentially earn at massive scale.
- •Learn AI deeply (LLMs, tools like ChatGPT/Claude; open models) + apply to a domain
- •UGC platforms: Roblox and UEFN; creators build games inside larger ecosystems
- •Practical path: play/understand → learn tools (Lua) → build repeatedly → iterate
- •AI-enabled future: ‘small vector development’ enabling outsized outcomes for small teams
- 1:18:29 – 1:30:17
Game genres in India: mid-core vs casual vs hyper-casual, and monetization models
They define mid-core/hardcore vs casual/hyper-casual and connect genres to retention and monetization. Joseph explains why hyper-casual is declining (privacy/targeting changes) and why hybrid-casual is rising; they compare in-app purchase vs ad models.
- •Mid-core/hardcore requires more focus/resources; shooters dominate revenue
- •Casual/hyper-casual: simpler loops; hyper-casual retention is short and ad-heavy
- •Apple privacy (IDFA) reduces ad targeting → hyper-casual economics weaken
- •Monetization mapping: mid-core favors IAP; casual leans ads; hybrid-casual blends approaches
- 1:30:17 – 1:38:35
Why battle royale works: social play, variability, psychology, and status loops
They analyze BGMI’s stickiness: squad voice chat, unpredictable matches, and strong emotional highs. Joseph frames games as fulfilling latent desires—progress, recognition, status—drawing analogies to variable rewards (Skinner box) and social fame inside game servers.
- •Battle royale strengths: social squads + low repeatability → every match feels new
- •Variable rewards reinforce repeated play; parallels to gambling mechanics
- •Games fulfill desires: progress (Candy Crush), status/fame (server reputation), emotion
- •Status can be in-game identity; switching costs arise from rebuilding social standing
- 1:38:35 – 1:41:40
Post-COVID ‘downturn’: layoffs vs normal correction, and India’s esports business realities
Nikhil asks whether gaming is ‘screwed’ post-COVID; Joseph and others call it a cyclical correction from overinvestment. Animesh shares how esports orgs chasing fast money struggled, while disciplined cost structures survived; he explains his own revenue skew toward talent management.
- •COVID spike led to overhiring/overinvestment; current phase is correction not collapse
- •Esports/content revenue down vs peak years, but healthier long-term discipline
- •Survivors focused on sustainable unit economics rather than hype-driven expansion
- •Animesh earns primarily via talent management rather than pure streaming
- 1:41:40 – 1:53:06
India gamer numbers, mobile dominance, gender split, and Real Money Gaming (RMG) regulation
They sanity-check ‘560M gamers’ stats and conclude mobile dominates (~95%+). The discussion moves into RMG (Dream11, MPL, WinZO), GST changes, and whether regulation should tax deposits vs rake, balancing consumer demand with responsible frameworks.
- •India is overwhelmingly mobile-first; console/PC are small minorities
- •Paying/willing-to-pay cohort estimated ~80–100M; many more casual ad-supported players
- •Gender split varies by genre: mid-core skew male; casual more balanced
- •RMG: consumer demand is real; GST 28% on deposits is contested vs taxing rake/revenue
- 1:53:06 – 2:11:06
What wins in 5 years: pace of gameplay, VR vs AR debate, and community platforms
Animesh predicts attention spans will fall further, favoring fast event-driven gameplay and watchability; Nitish bets VR ‘being in the game’ becomes real, while Sean argues AR may reach scale sooner due to comfort and accessibility. They also clarify Discord’s role (community/feedback) versus Twitch/YouTube (marketing).
- •Fast-paced, high-event games likely outperform slower story-heavy experiences
- •VR optimism (Apple/Meta/Sony momentum) vs AR practicality (Pokémon Go-style blending)
- •Games must be fun to play and fun to watch to build creator-driven ecosystems
- •Discord as community/feedback loop; Twitch/YouTube as influencer-led distribution engines
- 2:11:06 – 2:15:34
How to ship games in India: iterate fast, focus on retention, and entry points (IGDC + publishing programs)
Nitish advises developers to ship quickly, avoid long build cycles, and prioritize real metrics like D1/D7 retention over downloads. They point to IGDC as a key industry entry point and mention programs like Nazara Publishing and Krafton incubators for developers seeking support.
- •Ship fast: MVP → data → iterate; avoid 18–24 month cycles that burn cash
- •Real metrics > vanity metrics: D1/D7 retention, drop-off points, engagement funnels
- •Entry points: IGDC conference; local networking and exposure to ecosystem
- •Support programs: Nazara Publishing application flow; Krafton incubator expansion ideas
- 2:15:34 – 2:37:12
Career skill stack for gaming: art, engineering, product, design, analytics—and AI disruption
They outline core disciplines in game development and discuss pay bands, learning paths, and where India is weakest (game design). The group repeatedly returns to AI as a force that may commoditize junior art/engineering work while increasing the premium on creative direction, systems thinking, and strong analytics.
- •Core roles: art (2D/3D), engineering (Unity/C#, Unreal/C++), product/production, design, analytics
- •India gap: game design skills and education; design includes gameplay + systems/meta
- •Portfolios/GitHub/projects as substitutes for formal experience (especially for engineers)
- •AI may replace low/mid-level production tasks; masters/creative directors still command upside
- 2:37:12 – 2:42:10
Closing with community action: scholarships, mentorship, incubators, and a ‘top 20’ talent cohort
The episode ends with a commitment to support young Indian gaming talent through money, mentorship, tours, internships, and cloud credits. Nitish and Nikhil pledge ₹1 crore each, while Krafton and others commit time and programmatic support, with a plan to select 20 high-potential applicants.
- •Nazara commits ₹1 crore (with potential to add more); Nikhil matches ₹1 crore
- •Mentorship and company tours promised (including Joseph and Animesh)
- •Krafton explores expanding incubator scope for earlier-stage talent + cloud credits
- •Plan: open applications → select top 20 via expert evaluation → structured support
