The Indian entity of social media startup Hike reported a 107X rise in operating revenue to INR 19.22 Cr in FY22 from INR 17.73 Lakh in FY21.
After years of adversity, the company finally changed its branding from a messaging app to gaming in July 2020, which led to the dramatic increase in revenue. Additionally, total revenue increased by 1.6X, from INR 8.31 Cr in FY21 to INR 21.76 Cr in FY22. It should be noted that the company reported INR 13,000 in total revenue for FY20. The company’s overall costs in FY22 increased 3% from the previous year to INR 140.45 Cr. The loss after tax decreased from INR 127.9 Cr in FY21 to INR 118.69 Cr in FY22, a 7.2% decrease.
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The Indian entity of social media startup Hike reported a 107X rise in operating revenue to INR 19.22 Cr in FY22 from INR 17.73 Lakh in FY21.
After years of adversity, the company finally changed its branding from a messaging app to gaming in July 2020, which led to the dramatic increase in revenue. Additionally, total revenue increased by 1.6X, from INR 8.31 Cr in FY21 to INR 21.76 Cr in FY22. It should be noted that the company reported INR 13,000 in total revenue for FY20. The company’s overall costs in FY22 increased 3% from the previous year to INR 140.45 Cr. The loss after tax decreased from INR 127.9 Cr in FY21 to INR 118.69 Cr in FY22, a 7.2% decrease.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
