PlaySimple has filed its DRHP for a Rs. 3,150 crore OFS-only IPO. The development indicates that industrial and new-age digital businesses continue to dominate the primary market pipeline, and that, notably, the gaming space is also seeing this trend. A key highlight of the company’s operating model is its ability to generate high engagement, with users spending nearly 29 minutes per day on its games.
Sweden-based Modern Times Group subsidiary PlaySimple Games has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an INR 3,150 crore public offer. PlaySimple Games IPO is a complete offer for sale (OFS).
The IPO will see MTGx Gaming Holding AB offloading shares. Axis Capital, JP Morgan India, and Morgan Stanley India are the book-running lead managers, while MUFG Intime is the registrar of the issue.
The company’s revenue growth accelerated to over 20% in FY2025, driven by improved engagement and monetization. However, profitability declined from FY2024 levels, reflecting higher user acquisition costs and normalization in advertising economics.
PlaySimple Games has a portfolio of 30 live games spanning categories such as word search, crossword, anagram, and other puzzle formats. The firm became the largest Indian pure-play casual mobile gaming company by revenue as of FY25, according to a report by Redseer.
The company primarily depends on in-app advertisements (IAA), supplemented by in-app purchases (IAP) and a smaller contribution from game development services. The company’s revenue depends on engagement metrics and user retention.
Its flagship title, Word Search Explorer, ranked first in word games by downloads across multiple countries. PlaySimple had a 14% market share in the global word games segment in calendar year 2025. The platform currently has 4.99 million daily active users (DAUs) and a cumulative download base of around 42.4 crore across 110 countries.
The company reported revenue of Rs 2,259.82 crore in FY25, up from Rs 1,876.86 crore in the previous year. Its net profit declined to Rs 359.03 crore from Rs 521.19 crore a year earlier. During the year, total app downloads stood at 15.02 crore, compared to 7.15 crore in the previous year, according to the DRHP.
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At its core, PlaySimple’s operations are built on its proprietary technology platform, “Little Engine.” It integrates data analytics and AI to optimize game development, user acquisition, and monetization.
PlaySimple operates within the global mobile gaming industry, one of the largest segments in digital entertainment. The market is estimated at over USD 136 billion (Rs. 12.82 lakh crore) and is projected to grow over the next decade, driven by increasing smartphone penetration, improved connectivity, and rising digital engagement.