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.
