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Kavin Bharti Mittal’s Hike to shut operations amid govt’s real money gaming ban
Kavin Bharti Mittal, founder and CEO of Hike, has announced that the 13-year-old startup will shut down completely in the aftermath of the government's recent ban on real money gaming.
In a note posted on publishing platform Substack, Mittal said the decision was taken after regrouping with investors and the team. “Our US business, launched just nine months ago, is off to a strong start. But after the India ban, scaling globally would require a full recap, a reset that is not the best use of capital or time,” he wrote.
The company counted marquee backers including Tiger Global, Tencent, and Bharti Enterprises, raising over $250 million during its run. At its peak, Hike Messenger claimed more than 100 million users.
Kavin is the son of Sunil Bharti Mittal, chairman of Airtel parent Bharti Enterprises.
Hike, once seen as a local version of WhatsApp, which later pivoted into mobile gaming and Web3, had been through multiple reinventions.
Mittal said while capital for a global pivot could have been raised, the larger question was whether “this is a climb worth pivoting for.” His answer: “For the first time in 13 years, my answer is no. Not for me, not for my team, and not for our investors.”
Mittal said the learnings and relationships built through Hike will fuel his next chapter. “Closing this one isn't the end, it's a reset,” he noted.
Source: EconomicTimes
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