Kavin Mittal's Hike Shuts Down After 13 Years of Operations Earlier this year, Mittal had indicated that Hike would shift its focus outside India and expand into markets such as the US, the UK, Canada, and Australia.
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After 13 years in operation, Hike has decided to close down all its businesses, including its unit in the United States, founder and CEO Kavin Mittal informed investors in an email on Saturday.
Mittal explained that the recent ban on real money gaming (RMG) in India had accelerated the company's challenges. According to him, the ban reduced Hike's financial runway from seven months to just four months, making continuation unfeasible. "After much reflection and speaking with a few of you, I've decided to wind down Hike operations completely, including the US," he wrote in the note reviewed by Entrackr.
Earlier this year, Mittal had indicated that Hike would shift its focus outside India and expand into markets such as the United States, the United Kingdom, Canada, and Australia. The announcement to shut down entirely has therefore come as an unexpected turn for the wider gaming sector.
Founded as Hike Messenger before pivoting to its gaming product Rush, the company had grown to 10 million users and recorded USD 500 million in gross revenue over four years.
Despite these achievements, Mittal pointed to mounting obstacles in India, including tax pressures and regulatory battles. "Is it worth it? For the first time in 13 years of building Hike, my answer is no," he said. He acknowledged that the company may have been ahead of its time in envisioning a gaming nation and highlighted greater opportunities emerging in fields like artificial intelligence and other frontier technologies.
Mittal revealed that Hike has about USD 4 million remaining in its balance sheet. These funds, he said, will be allocated towards vendor payments and employee severance, with any surplus returned to investors. "RMG was never the destination. It was a means to prove unit economics and unlock the bigger vision. But we got locked into the Indian market in a tax and regulation battle," he wrote.
Reflecting on the company's journey, Mittal recalled milestones such as Hike Messenger achieving 40 million monthly active users and becoming one of India's most recognised consumer brands. While describing the closure as a disappointment, he stressed that the lessons learned were invaluable.
Looking ahead, Mittal said he intends to explore opportunities in artificial intelligence, energy, and personal growth. "This chapter ends, but the climb continues," he assured.
