In India, where mobile population is reaching 160 million, I think there is definitely a scope for a entertainment service like this. I think there are companies in India which would want to give away goods for free for brand promotion.
Check this cool site which has become a craze in US

Limbo 41414

Welcome to Limbo 41414

We launched Limbo 41414 in October 2005 for one simple reason - to help people get more fun out of their cell phones.

It’s really quite simple;  It’s a text-message based game where you compete against other (real live) players to find and retain the lowest, unique bid™.

Why play? Well, first of all it’s really fun - just read what other players are saying. And you can win some pretty amazing stuff. Stuff that you’ve always wanted like new cars and expensive trips. Plus you get instant feedback, you can connect with other players AND you always win because you earn Loot for every SMS bid, which you can trade for things like T-shirts, CDs and ringtones.

How’s this possible? We’ve created partnerships with big companies who give away stuff in sweepstakes all the time. We’ve just given them a fun, new way to reach people - through their mobiles phones. At the same time, we give you - the mobile user - a way to get more fun from your phone. And, it’s on your terms! We don’t buy or sell phone lists, and we don’t spam. We just count on your interest in the prize.