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Hike’s Gaming Platform Rush Fails Under New Rules, Company Closes After 13 Years
Hike Announced Complete Shut Down: Hike, the messaging app that once challenged WhatsApp, is now completely shut down. Its founder, Kavin Bharti Mittal, has announced to say goodbye to the 13-year-old startup, citing the real money gaming ban as the main reason.
A big impact on tech startup Hike by the ban on real money gaming in India. The founder of the company and Bharti Airtel Chairman Sunil Bharti Mittal's son, Kevin Bharti Mittal, has announced the closure of this 13-year-old startup. He said that this difficult decision had to be taken after discussions with investors and the team.
Hike was launched in 2012 and was once considered the biggest rival of WhatsApp. At its peak, the app had more than 4 crore monthly users. But over time, user preferences changed, and it had to be shut down in 2021. After this, the company launched a real money gaming platform called Rush, in which 14 games were available and users could win cash. Web3 technology and play-to-earn features were also included in it.
In 2023, the Government of India imposed strict regulations on real money gaming. This badly affected Hike's business model. Mittal said that by starting in India, we got tied to this business model, and it was no longer possible to scale globally.
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This company, with about 100 employees, was active in India, America, Dubai, and Singapore. The Rush platform earned revenue of more than $ 500 million in India in just four years. It added more than 10 million users and gave winning amounts of about $ 480 million every year. But due to the uncertainty of the rules, it became difficult to move forward.
Hike's investors included big companies like SoftBank, Tencent, Tiger Global, Foxconn, Polygon, and Tribe Capital. Individual investors included names like Zynga founders Mark Pincus and Elad Gill. Currently, the impact of this ban is also visible on the Indian gaming industry, and many companies are laying off employees.
Although Hike is shutting down, Kevin Mittal is not distancing himself from technology. Now he plans to work on areas like artificial intelligence, clean energy, and human potential. He said, "It is disappointing, but the learnings from this are very valuable. My belief is stronger than ever now."
