Hike app: Hike, launched about 13 years ago, was such a messaging app of India which was considered the biggest challenge of Whatsapp. It was started by Kavin Mittal and in the initial days it became very popular among the youth. But over time this app could not compete with Whatsapp. Later, the company changed its direction and focused on gaming business and launched a new platform called Rush.

Travel from messaging to gaming

Hike moved from messaging to Real Money Gaming (RMG). After this change, the company also got fast success and in just four years it added millions of users. But after the Indian government banned real money gaming, Hike’s business model was badly affected.

India’s decision and Hike crisis

Kavin Mittal clearly said in the email sent to investors that the ban on real money gaming in India shocked the future of Hike. Based on the funds that the company had, it could operate for about seven months, but due to the new rules and tax policy, this period has come down to only four months.

America’s business also closed

Hike also started a new business in America and there were good results. Despite this, the ban in India spoiled the financial situation of the entire company. In such a situation, it was not possible to continue America’s business and Hike decided to close its operations completely.

Money distribution and message to investors

At this time Hike has about 4 million dollars left. The company has decided that first this money will be spent in the service payment of its vendors and employees. If something is left after this, it will be returned to investors.

Kavin Mittal’s statement

Mittal says that Hike was stuck in the game he did not want to play. Real Money Gaming was just a way for him, not the destination. He believes that the battle of tax and regulation in India changed the direction of the company and finally the time has come to close it.

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