Hike, once one of India’s most valuable start-up businesses under the Unicorn regime, has become the last accident of the recent Delhi game ban, led by Kavin Bharti Mittal, son of Airtel Sunil Bharti Mittal’s founder.
On Saturday, Hike Mittal’s founder (depicted above) said that the US start -up business, which began nine months ago, was “in a strong start”. But he said that the escalation of the world would require “a complete review, a reset that is not the best use of capital or time”.
Initially it started as an immediate messaging application competing with Whatsapp in 2012, Hike has revolved in real money games in recent years, with its primary platform, Rush, offering casual games such as Carrom and Ludo for monetary prizes, after the Hike Messenger finish in 2021.
Historical investors, including Tiger Global, Softbank and Tencent, support Hike’s early ambition to take on whatsapp with a youth -focused messages application. The start was estimated at $ 1.4 billion in 2016.
“We could raise the chapter, but the real question is: Is it worth it? Is this the ascent worth rotating?” Laughter I wrote in a substance post. “For the first time in 13 years, my answer is not for me, not for my team, and not for our investors.”
Last month, the Indian government shocked the real $ 2 $ 2 billion game industry, introducing the promotion and regulation of the online gambling law in 2025, which imposed a general ban on such platforms. The federal government said the decision was aimed at dealing with incidents of damage, including cases where people reportedly died of suicide after losing money in these games.
In response, the top industry players, including dream sports and the Mobile Premier League (MPL), began to close real money games in India. While some began to rotate in new businesses such as micro-trims and Financial ServicesOthers began to explore international markets to maintain live sections of their gambling business.
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Repression also caused a wave of layoffs, with about 2,000 job losses reported to companies such as Games24x7; Head of Digital Works; Mpland Zupee. Some of them plan to reduce 90% of their workforce as they try to adapt or get out of the room, according to sources in TechCrunch.
Some VC companies that support these newly established companies have also questioned their founders about whether there were early signs of regulatory action – and if so, because no steps were taken to mitigate the impact, sources familiar with talks told TechCrunch.
Earlier this week, the Supreme Court of India Transfer all reports provocative The new law – the rules of which have not yet been notified – by multiple state courts across the country. However, the Supreme Court has not yet begun to hear the matter.
“This is as frustrating and hard, but I choose to look from the bright side: the lessons are invaluable and my belief about what is next is even stronger,” Mittal wrote.
