Hike Layoffs
August 2023
Hike announced a layoff affecting 55 employees in August 2023. The company operates in the Consumer sector.
55
Aug 10, 2023
About
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.
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