Hike, once a unicorn, shuts down as India cracks down on real-money gaming

HIKE, which was one of the most emerging companies in India with a single-century mode, has become the latest version of the real money in New Delhi, with the company-led by Kavin Bharti Mittal, the son of the founder of Aartel Sunil Bharti-now.

On Saturday, the founder of Hike Mittal (in the picture above) said that the American startup, which was launched nine months ago, was a “strong start.” But he said that its scaling worldwide will require “a complete summary, or reset is not the best capital or time use.”

It was initially launched as an immediate correspondence party competing for WhatsApp in 2012, where real games were hosted in recent years, through its basic platform, as it has made unofficial games like Carrom and LUDO for cash prizes, after the closed Messenger in 2021.

Floor investors including Tiger Global, SoftBank and early innovative to take WhatsApp through a youth -focused correspondence application. The starting start value was $ 1.4 billion in 2016.

“We can raise the capital, but the real question is: Is it worth it? Is this climb worth the axis?” Metal wrote in an alternative post. “For the first time in 13 years, it is not my answer. Not for me, not for my team, not for our investors.”

Last month, the Indian government shocked the 23 billion dollar games industry by providing the promotion and organization of the online games law, 2025, which imposed a comprehensive embargo on such platforms. The federal government said that the decision was aimed at addressing the incidents of damage, including cases in which individuals are useful for suicide after losing these games.

In response, the best industrial players including Dream SPORTS and Mobile Premier League (MPL) began closing real games in India. While some have begun to overcome new projects such as small drama and financial services, others began to explore international markets to maintain parts of gaming companies alive.

The campaign also sparked a wave of workers’ layoffs, where about 2000 job losses were reported by companies such as Games24x7, Head Digital Works, MPL and ZUPEE. Some of them plan to reduce up to 90 % of their workforce while trying to adapt or get out of space.

Some VC companies that support these startups have also interrogated their founders about whether there are any early signs of the organizational procedure – and if so, why have no steps have been taken to alleviate the effect.

Earlier this week, the Indian Supreme Court conveyed all the petitions that challenge the new law – whose rules have not been notified – from multiple state courts across the country. However, the Supreme Court has not yet begun to hear the matter.

“This is a disappointment and difficult results. But I chose to look at the bright side:” lessons “are invaluable, and I am convinced of the next stronger,” Metal wrote.