Gaming firm JetSynthesys enters concert business with Lucky Ali’s India tour

“Lucky’s music has resonated across generations and we couldn’t have found a better collaboration,” said Rajan Navani, founder and chief executive officer (CEO) of JetSynthesys, in an interaction with Mint.

Navani said the company will use live concerts and other experiential events to engage its existing base of customers drawn to gaming and esports. JetAlive is headed by Kumar Razdan, former top executive at BookMyShow’s live events business and Nesco, a conglomerate with interests in event management and venues.

“We have built very large digital communities where content and technology play a very strong role,” Navani said. “Video games are interactive. But a consumer who is playing games is also looking out to have on-ground experiences along with digital experiences. They are also willing to pay for it,” he added.

JetSynthesys’ main businesses include gaming studios like Nautilus Mobile, esports tournament organiser Skyesports, e-cricket league GEPL, and music technology subsidiary Global Music Junction, where record label Warner Music holds 26% stake.

Building live IPs

Navani did not specify how much JetSynthesys is investing in JetAlive but said the firm plans to build new intellectual properties (IPs) catering to live events under the division.

“We will create IPs with significant investment, requiring tens of millions of dollars, in the years to come,” he said. “These are IPs that combine gaming, music, animation, and other live experiences together, so that our audience comes to spend not a few hours, but a few days with us.”

In November, JetAlive will also host K-Town, a K-pop and Korean culture festival.

JetSynthesys has raised $84.2 million from investors including South Korean gaming giant Krafton, Adar Poonawalla’s Serum Institute of India, Infosys co-founder Kris Gopalakrishnan, and cricketer Sachin Tendulkar. In FY24, the company recorded over ₹260 crore in revenue with net losses of ₹97.5 crore, per Tracxn data.

Singer Lucky Ali, who recently completed a tour of Australia and New Zealand, said there is a growing appetite for interactive, in-person events.

“There are a lot of people going to concerts now, and there are more venues coming up, which are at par with global venues such as NMACC in Mumbai,” he said. “I have even performed in smaller cities like Silchar where there is often no electricity.”

Ali’s hits include Na Tum Jano Na Hum (2000) and Safarnama (2015), along with indie classics like O Sanam (1996) and Gori Teri Aankhen (2001).

Concert cash rush

The move comes as a range of companies—from gaming firms and ticketing platforms to music labels—double down on India’s booming live events market.

Rivals such as Nazara Technologies, Nodwin Gaming, Zomato’s District, BookMyShow, AEG Asia Pacific, and Reliance Industries’ Nita Mukesh Ambani Cultural Centre (NMACC) are among those expanding aggressively in this space.

According to industry body FICCI and consulting firm EY, India’s live events business grew 15% year-on-year to cross ₹10,000 crore in 2024, and is projected to reach nearly ₹12,000 crore by end-2025.

“The key change noted in 2024 was the growth of ticketed events, as sponsorship revenues remained stressed due to overall caution in ad spending,” FICCI and EY said in a report. “The music concert space saw significant growth, and we estimate an all-time high of 70–80 concert days with audiences of 10,000 or more in 2024.”

Despite this surge, most events management firms continue to focus on corporate gatherings and weddings, leaving concerts as a high-growth niche.

Everyone wants a stage

The live boom has pulled in a diverse mix of players. BookMyShow was one of the earliest to produce large-scale concerts, including Coldplay’s maiden India tour last year. Zomato’s District and Swiggy’s Scenes app (launched December 2024) have since followed suit.

Gaming companies, too, are looking to blend esports, youth culture, and music. Nodwin Gaming—in which JetSynthesys and Krafton are investors—acquired Only Much Louder’s live events business in 2021, taking over the NH7 Weekender festival IP. In 2024, Nodwin also bought Comic Con India, expanding into pop culture festivals.

Music firms have joined the fray as well. Saregama India launched a live events vertical in 2020, producing shows for Himesh Reshammiya and Diljit Dosanjh. A September report by Nuvama Institutional Equities estimated that Saregama’s live business could grow at 25–30% compound annual growth rate (CAGR) over the next five years, faster than its recorded music division.

“Live events are a high single-digit margin business,” the note said. “This shall be a focus area as it is a low-risk, high-IRR [internal rate of return] play.”