Image: crshelare/Envato India’s app market is expanding fast, but revenue is growing much more slowly. In the first quarter of 2026, India’s mobile app market generated more than $300 million in in-app purchases, up 33% from a year earlier. Non-gaming apps drove much of that growth, contributing more than $200 million in IAP revenue, up 44% year over year. Still, India generates only about $0.03 in revenue per download, compared with more than $0.20 in Southeast Asia and Latin America. Why India leads in downloads but lags in revenue The gap is easier to understand once the market is broken into three parts: how many people use apps, how many of those users pay, and who captures the spending that does happen. According to TechCrunch , the country remains the world’s largest mobile market by volume, with around 25 billion app downloads a year.…