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5d ago

Hike Shuts Down After 13 Years, Citing India’s Real‑Money Gaming Ban

Founder Kavin Mittal blamed the new rules for a shortened runway that made continuing untenable.

Kavin Bharti Mittal, chief executive officer of Hike Messenger, speaks during a news conference in New Delhi, India, on Tuesday, June 20, 2017. The startup, valued at $1.4 billion last year after securing $175 million from investors including Tencent Holdings Ltd. and Foxconn Technology Group, now lets its 100 million-plus users move cash between banks and to other people through the country's Unified Payments Interface gateway. Photographer: Anindito Mukherjee/Bloomberg via Getty Images
"First time in 13 years, my answer is no...': Kavin Mittal announces Hike closure amid real-money game ban
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Overview

  • Hike will wind down all operations, including its nine‑month‑old US business, after a final decision communicated to investors via Substack and email.
  • Mittal said India’s ban on real‑money gaming cut the company’s financial runway from seven months to four, and a full recapitalisation was judged not worth pursuing.
  • The company reports roughly $4 million remaining, which will go first to vendor payments and employee severance, with any leftover funds returned to investors.
  • Rush, Hike’s gaming platform, already ceased operations in India following the blanket ban, after scaling to about 10 million users and more than $500 million in gross revenue over four years.
  • Founded in 2012 and once reaching about 40 million monthly users as a messaging app, Hike pivoted to gaming before the regulatory shift; Mittal says he will now focus on AI, energy breakthroughs and personal mastery.