Kavin Bharti Mittal shuts down Hike after India’s ban on real-money gaming
Kavin Bharti Mittal has decided to wind down Hike, the company he founded and once positioned as an Indian alternative to WhatsApp, citing the nationwide prohibition on real-money gaming as the decisive blow to the business.
From chat app to cash competitions
Hike’s journey has been anything but linear. The company phased out its messaging app in January 2021 and redirected its efforts to casual real-money gaming through its platform Rush. That pivot brought a clear focus: quick, competitive mobile titles that let users stake money on their performance, combined with Web3-inspired features such as user ownership and play-to-earn mechanics.
Lean teams, global footprint
At its peak, Hike employed roughly 100 people distributed across India, the United States, Dubai, and Singapore. The organization was structured around compact, highly specialized groups—internal “SWAT” units—tasked with moving quickly on product and growth initiatives.
Traction and revenue before the ban
Rush amassed noteworthy numbers in a short span. The platform offered 14 mobile games and, over four years, recorded more than $500 million in gross revenue. Hike reported that Rush surpassed 10 million users in India, counted more than 5 million active players across its titles, and saw yearly winnings approach $480 million.
Investors behind the bet
Hike drew backing from a roster of prominent institutional and individual investors, reflecting strong belief in India’s gaming potential:
- SoftBank
- Tencent
- Tiger Global
- Bharti
- Foxconn
- Jump Crypto
- Tribe Capital
- Republic
- Polygon
- Rajeev Misra
- Elad Gil
- Mark Pincus
US momentum couldn’t offset policy headwinds
Hike ventured into the US market around nine months ago and, by the company’s account, saw promising growth signs. However, the sweeping real-money gaming restrictions in India created existential pressure. Mittal concluded that attempting to rebuild around a purely global strategy would require a full recapitalization and a ground-up reset—an undertaking he deemed an inefficient use of capital and time given the regulatory uncertainty.
The shutdown and what it signals
The decision to close Hike underscores how quickly policy shifts can reshape the outlook for gaming startups, especially those centered on real-money mechanics. Despite strong unit economics and engaged communities, regulatory volatility can halt momentum overnight. For Hike, the call was to exit rather than endure a prolonged restructuring with unclear outcomes.
Looking ahead
While the closure is a tough end for a company that reinvented itself more than once, Mittal framed the experience as a foundation for future bets. He emphasized the value of the lessons learned and signaled confidence about what comes next. The broader industry will be watching how entrepreneurs recalibrate—whether by rethinking game design to avoid money stakes, doubling down on international markets, or exploring new intersections of gaming and ownership that can thrive within evolving rules.
