In India, online gaming and Crypto ecosystems are showing exponential growth in recent year. Hike has also decided to utilize current funding led by Tinder co-founders in the above ecosystems. The startup has already took the exit from the instant messaging sector earlier this year due to tough competition from global players including Telegram, WhatsApp, and others.
Hike Raises Closes Fresh Funding Event
On Tuesday, Hike has announced that it has received fresh funding round led by Tinder co-founders Justin Mateen Sean Rad. The firm also recorded participation from clutch of other investors including Zeta co-founder, Cred Co-founder Kunal Shah, SoftBank Vision Fund CEO Rajeev Misra, Flipkart co-founder Binny Bansal, and others.
Hike did not disclose the amount raised in the current financing event. Earlier, in its series D funding round, the company collected whopping $175 million from Tencent and manufacturing firm Foxconn. That round skyrocketed comapny’s valuation to $1.4 billion.
The startup announced that the current funding will be utilised to hire highly skilled team members across all categories to enhance its product strategy further.
Currently, Hike has a strong presence in 50 cities remotely via it’s online products. At present, 160+ employees are working in Hike firm. The firm is committed to create a niche with its products and services in social, gaming, and crypto sectors.
Why Hike Included Crypto in its Operations?
In the early 2021, Hike first surprised everyone by taking a full exit from instant messaging service. Later, the firm decided to part ways with WinZO, a social gaming app. Hike was the early investor in WinZO and received 400% returns when took exit.
Kavin Mittal led Hike took above decisions to start it’s journey in gaming industry. To do so, the company launched Vibe, a social app and Rush, an online gaming app.
Now, the startup has announced to offer cryptocurrency operations and services with the latest fundraise.
Hike has inclined towards crypto space due to the recent crypto growth in India. Recently, CoinDCX became the first crypto startup to join the unicorn club with over a billion dollar valuation.
While, WazirX, one of the largest crypto exchange platform in India, has claimed that it has crossed $218 million daily trading volume. Users can do crypto trading in over 137 cryptos via WazirX and it is also the 27th largest crypto platform globally.