Hike, once a celebrated unicorn startup in India, has announced its complete shutdown following the Indian government's recent ban on real-money gaming operations. Founded in 2012 by Kavin Bharti Mittal, son of Airtel founder Sunil Bharti Mittal, Hike initially launched as an instant messaging app aiming to rival WhatsApp. However, after the closure of its messaging service in 2021, Hike pivoted to real-money gaming with its platform Rush, which offered casual games such as carrom and ludo for cash prizes. Despite attracting over 10 million users and generating more than $500 million in gross revenue over four years, the company has now decided to cease all operations, including its recently launched U.S. business[1][3].
The decision to shut down was publicly shared by Kavin Mitta...
The decision to shut down was publicly shared by Kavin Mittal in a reflective Substack post, where he stated that although the U.S. venture had a promising start, scaling it globally would require significant recapitalization and a strategic reset, which he deemed not a worthwhile use of capital or time under the current regulatory environment. Mittal emphasized that for the first time in 13 years, he was unwilling to continue the climb, citing the impact on his team and investors as well[1][3].
This closure comes amid sweeping regulatory changes in India...
This closure comes amid sweeping regulatory changes in India’s online gaming sector. In August 2025, the Indian Parliament passed a law banning all forms of online real-money gaming, while promoting eSports and online social gaming. The legislation also prohibits advertisements related to money games and bars financial institutions from processing transactions linked to such activities. This law has significantly impacted the valuations and operations of several leading real-money gaming startups in India, including Dream11, Games24x7, Gameskraft, and Mobile Premier League (MPL), many of which have lost their unicorn status, defined as startups valued at over $1 billion. The new regulations have dampened investor confidence and growth prospects across the sector, forcing companies to reconsider their business models[2].
Industry analysts suggest that while the ban has disrupted t...
Industry analysts suggest that while the ban has disrupted the market and caused immediate downturns in company valuations, it may ultimately foster greater trust and stability in the long term by curbing gambling-related addiction and financial risks. However, for companies like Hike that heavily relied on real-money gaming revenues, the policy shift has proved existential[2][4].
Hike’s rise and fall reflect the broader challenges faced by...
Hike’s rise and fall reflect the broader challenges faced by Indian startups navigating evolving regulatory landscapes. Once valued at $1.4 billion and backed by prominent investors like Tiger Global, SoftBank, and Tencent, Hike's journey from a promising messaging app to a gaming platform, and now to closure, underscores the risks of regulatory dependency in fast-growing tech sectors[1][3].
As Hike closes its chapter, the Indian gaming ecosystem now...
As Hike closes its chapter, the Indian gaming ecosystem now faces the challenge of adapting to the new legal framework, balancing innovation with compliance in a market that once thrived on real-money gaming revenues.
🔄 Updated: 9/13/2025, 2:21:10 PM
Hike, the Indian unicorn startup known for its messaging app and later real-money gaming platform Rush, has shut down all operations globally following India's ban on real-money gaming, which drastically shortened its financial runway from seven to four months and made global scaling financially untenable, including its promising U.S. business launched just nine months ago[1][2][4]. Founder Kavin Bharti Mittal stated, "We could raise capital, but the real question is: is it worth it? For the first time in 13 years, my answer is no," highlighting the global impact of India's regulatory move on international expansion plans backed by investors like Tiger Global and SoftBank[2]. The shutdown underscores broader international investor caution toward startups facing restrictive regulation
🔄 Updated: 9/13/2025, 2:31:20 PM
Hike, once a $1.4 billion unicorn, has shut down following India’s ban on real-money gaming, joining top startups like Dream11, MPL, and Games24x7, which have all lost unicorn status amid the regulatory crackdown[1][2]. The new law has effectively upended a $3.6 billion industry that employed over 200,000 people and attracted massive venture capital, forcing startups to either shut down or pivot away from cash-based gaming models[2][4]. Hike’s founder Kavin Bharti Mittal cited the ban as forcing a costly “full reset” that made continuing unviable despite early US success, reflecting a broader collapse in investor confidence and strategic recalibration across India’s gaming sector[
🔄 Updated: 9/13/2025, 2:41:07 PM
Following the shutdown of Hike due to India's ban on real-money gaming, public reaction has been sharply critical, with many viewing the government's move as devastating for the startup ecosystem. A viral LinkedIn post captured the widespread sentiment: “India just killed a $3.6 billion industry overnight. 200,000+ jobs, billions in investor money, and millions of users left hanging. Blanket bans are NOT regulation—they’re the lazy way out”[2]. Hike’s founder Kavin Bharti Mittal expressed regret over shutting down despite initial global success, emphasizing that continuing to invest was no longer viable under the new regulatory environment[1][3].
🔄 Updated: 9/13/2025, 2:51:05 PM
Hike, once a unicorn startup, has shut down after India’s blanket ban on real-money gaming (RMG) operations, a move that founder Kavin Mittal described as a “regulatory headwind” that fundamentally undermined the business model and future growth prospects[1][2]. Experts note that the sudden implementation of the Promotion and Regulation of Online Gaming Act, 2025, which restricts RMG, has forced many startups like Hike and others in the $23-billion industry to exit India or pivot internationally, citing regulatory ambiguity, steep GST hikes, and lack of industry consultation as major concerns[1][5]. Mittal highlighted contrasting regulatory environments, pointing to the U.S.’s clearer framework as more conducive to innovation,
🔄 Updated: 9/13/2025, 3:01:30 PM
Experts and industry leaders view Hike’s shutdown as a direct consequence of India’s stringent regulatory environment on real-money gaming (RMG). Kavin Bharti Mittal, Hike’s founder, emphasized that the government's ban and regulatory ambiguity following the Promotion and Regulation of Online Gaming Act 2025 fundamentally undermined Hike’s business model, making global scaling unviable without a costly reset[1][3]. Analysts note this move signals broader challenges for Indian startups in the RMG sector, where rising GST rates and rushed legislation have disrupted innovation and investor confidence[2][5]. Mittal also contrasted India’s stance with the US, highlighting that regulatory clarity such as the Genius Act for stablecoins is encouraging for gaming and Web3 venture
🔄 Updated: 9/13/2025, 3:11:05 PM
Kavin Bharti Mittal announced the complete shutdown of Hike after 13 years, citing India's blanket ban on real-money gaming (RMG) as the primary regulatory challenge undermining the company's business model. He specifically criticized the "regulatory ambiguity," "steep GST hikes," and a "rushed bill banning RMG without industry consultation," highlighting the government's clear stance against real-money gaming as a key factor forcing Hike's exit from India[1][2][3]. Mittal contrasted this with the relative regulatory clarity in the US, noting that scaling globally post-ban would require a "full recap, a reset that is not the best use of capital or time"[1][3].
🔄 Updated: 9/13/2025, 3:21:05 PM
Hike, once a unicorn startup, is shutting down after 13 years due to India’s stringent regulatory environment, especially the ban on real-money gaming (RMG) under the Promotion and Regulation of Online Gaming Act, 2025. Founder Kavin Mittal cited the government’s "clear stance against real-money gaming," regulatory ambiguity, steep GST hikes, and a rushed bill passed without industry consultation as key challenges that made the business model unviable in India[1][2][5]. Mittal emphasized that despite initial success in the US, scaling globally now would require a costly reset, making continued investment impractical in light of India’s regulatory crackdown on RMG[1][3].
🔄 Updated: 9/13/2025, 3:31:14 PM
Hike, once a unicorn startup valued at $1.4 billion, has announced a complete shutdown after 13 years of operation, directly due to India's recent ban on real-money gaming (RMG). Founder Kavin Mittal stated the ban slashed the company’s runway from seven to four months, making continued operations unviable despite a strong U.S. launch nine months ago and over 10 million users generating $500 million in revenue over four years[1][3][4]. Mittal emphasized that regulatory challenges, steep taxes, and lack of clear government support in India were key factors, contrasting this with more encouraging regulatory clarity in the U.S., and concluded, “For the first time in 13 years...is it worth it
🔄 Updated: 9/13/2025, 3:41:05 PM
Hike, once a unicorn startup, has shut down entirely following India's stringent regulatory crackdown on real-money gaming (RMG), which fundamentally disrupted its business model. The closure came after the Indian government passed the Promotion and Regulation of Online Gaming Act, 2025, imposing a blanket ban on all real-money gaming platforms to curb addiction, money laundering, and financial fraud. Founder Kavin Mittal highlighted that the rushed legislation, coupled with regulatory ambiguity and steep GST hikes, left no viable path forward in India, forcing Hike to pivot fully towards the U.S. and global markets before choosing to close down[1][4][5].
🔄 Updated: 9/13/2025, 3:51:23 PM
Consumer and public reaction to Hike’s shutdown after India’s ban on real-money gaming has been largely critical, highlighting the broader industry impact. A viral LinkedIn post lamented the loss of a $3.6 billion sector and over 200,000 jobs, calling the blanket ban "the lazy way out" and criticizing the government for leaving millions of users stranded[2]. Hike founder Kavin Mittal echoed this sentiment, citing regulatory ambiguity and a rushed legislative process without industry consultation as key reasons for shutting down, emphasizing that transparent and consistent regulation is essential for entrepreneurship to thrive[3].
🔄 Updated: 9/13/2025, 4:01:27 PM
Hike, once a unicorn startup and India's homegrown rival to WhatsApp, has shut down all operations globally, including its US business, due to India’s recent real-money gaming (RMG) ban which drastically shortened its financial runway from seven to four months. Founder Kavin Bharti Mittal stated that although the US gaming venture was off to a strong start, scaling globally would require a costly recapitalisation and strategic reset, which was deemed not worth pursuing by the team or investors despite having raised around $261 million from major backers such as Tiger Global and Tencent[1][2][3]. The shutdown highlights the significant global ripple effects of India's regulatory crackdown, prompting Indian gaming firms to explore overseas markets and other business models, while unders
🔄 Updated: 9/13/2025, 4:11:09 PM
Following India’s ban on real-money gaming, the public and startup ecosystem have reacted strongly to Hike’s shutdown, with widespread concern over the loss of an industry valued at $3.6 billion and 200,000+ jobs at stake. A viral LinkedIn post sharply criticized the blanket ban as “the lazy way out,” highlighting the uncertainty faced by millions of users left without platforms for cash-based games and investors who saw billions of dollars invested suddenly at risk[2]. Hike founder Kavin Mittal expressed resignation, noting the ban forced the company to abandon its Indian market ambitions despite a promising U.S. start, underscoring regulatory ambiguity and lack of industry consultation as key challenges[1][3].
🔄 Updated: 9/13/2025, 4:21:10 PM
Hike's closure following India's ban on real-money gaming triggered notable market reactions, with investors expressing concern over regulatory risks in the gaming sector. After the shutdown announcement, Hike’s parent company faced pressure as the planned global expansion for its gaming platform Rush, which had over 10 million users and $500 million in gross revenue, was scrapped due to the intensive capital requirements amid a tough regulatory environment[2]. Although specific stock price movements of Hike’s investors were not publicly detailed, the withdrawal underscored investor caution towards startups reliant on real-money gaming in India[2][3].
🔄 Updated: 9/13/2025, 4:31:16 PM
Hike, once a leading Indian unicorn startup valued for its social networking and messaging apps, has announced a complete shutdown following India’s ban on real-money gaming operations. The company pivoted to a cash gaming model with its platform Rush, which attracted over 10 million users and generated $500 million in gross revenue, but policy changes made further investment unfeasible, leading founder Kavin Bharti Mittal to confirm the closure to shareholders[1][3].
🔄 Updated: 9/13/2025, 4:41:09 PM
Hike, once a unicorn startup, has announced its global shutdown following the Indian government's introduction of the Promotion and Regulation of Online Gaming Act, 2025, which imposed a blanket ban on real-money gaming platforms to address issues such as harm and suicides linked to losses[2]. Founder Kavin Bharti Mittal cited "regulatory challenges" stemming from the ban as a key reason for ending operations, noting that after the ban, continuing to invest was no longer viable despite the platform's prior $500 million gross revenue and 10 million users[1][2]. This move aligns with other major industry players like Dream Sports and MPL, who have also shut down real-money gaming operations in India due to the new regulations[2].