New Delhi: Kavin Bharti Mittal, founder of tech startup Hike and son of Bharti Airtel chairman Sunil Bharti Mittal, has announced the complete shutdown of Hike after 13 years of operations. The decision comes in the wake of India’s blanket ban on real-money gaming (RMG), the very sector Hike had pivoted into over the last few years.
Confirming the move in a Substack post, Mittal said:
“After regrouping with our investors and the team, I’ve made the difficult decision to wind down Hike completely.”
From Messaging Startup to Gaming Pivot
Launched in 2012, Hike began as a youth-centric messaging app competing against WhatsApp and other platforms. Backed by marquee investors like SoftBank, Tiger Global, and Tencent, Hike was once valued at over $1.4 billion, making it one of India’s earliest unicorns.
Despite its early popularity, Hike struggled to sustain user growth in the face of WhatsApp’s dominance. By 2021, Mittal pivoted the company towards the booming online gaming market, betting big on real-money skill-based gaming.
Real-Money Gaming Ban Hits Hard
However, the recent government move to impose a blanket ban on real-money gaming (RMG) has dealt a severe blow to startups in the sector. For Hike, which had entirely repositioned itself around this category, the ban effectively erased its growth trajectory.
In his announcement, Mittal said the team explored multiple scenarios with investors but eventually concluded that shutting down operations was the only viable option.
Industry Impact
Hike’s shutdown underscores the broader uncertainty in India’s online gaming ecosystem, where regulatory crackdowns are forcing several startups to rethink or abandon their business models.
While Mittal did not disclose what lies ahead for him personally, industry watchers believe he may either explore opportunities in the AI and deep-tech space or join forces with other entrepreneurs in the digital ecosystem.
The End of an Era
For many in India’s startup ecosystem, Hike’s closure marks the end of a significant chapter. From being hailed as India’s WhatsApp challenger to becoming a casualty of policy changes, Hike’s journey reflects both the highs and volatility of India’s tech startup landscape.