Hike

Hike, once a unicorn startup valued at $1.4 billion in India's tech industry, has shut down entirely in September 2025, resulting in layoffs for all employees. The closure follows the Indian government's recent ban on real-money gaming platforms, which was Hike's primary business focus after pivoting from its original messaging app. Founder Kavin Bharti Mittal stated that while the company's U.S. gaming venture showed promise, scaling it globally would require a significant recapitalization that was deemed not worthwhile. This decision ends the company's 13-year run, marking a major casualty in India's $23 billion real-money gaming sector, which has seen other major players also exit or pivot due to the new regulations.

Hike, the Indian tech startup behind the Rush Gaming Universe platform, laid off approximately 55 employees on August 10, 2023, representing about 22% of its total workforce. The company's founder cited the recent increase in Goods and Services Tax (GST) on online gaming to 28% as the primary reason, describing the 400% hike in tax liability as a severe financial burden requiring cost absorption. This move follows similar layoffs at other gaming firms like Mobile Premier League, reflecting broader industry distress. Hike, which focuses on Web3 gaming and has notable investors, reported its core business was otherwise strong, but the regulatory change forced this restructuring to ensure sustainability.