Hike to shut operations; Kavin Bharti Mittal says global reset not best use of capital

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Kavin Bharti Mittal, founder and CEO of Hike, has announced that the 13-year-old startup will shut down completely in the aftermath of the government’s recent ban on real money gaming.

In a note posted on publishing platform Substack, Mittal said the decision was taken after regrouping with investors and the team. “Our US business, launched just nine months ago, is off to a strong start. But after the India ban, scaling globally would require a full recap, a reset that is not the best use of capital or time,” he wrote.

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Hike to shut operations; Kavin Bharti Mittal says global reset not best use of capital



Kavin Bharti Mittal, founder and CEO of Hike, has announced that the 13-year-old startup will shut down completely in the aftermath of the government’s recent ban on real money gaming.

In a note posted on publishing platform Substack, Mittal said the decision was taken after regrouping with investors and the team. “Our US business, launched just nine months ago, is off to a strong start. But after the India ban, scaling globally would require a full recap, a reset that is not the best use of capital or time,” he wrote.

The company counted marquee…



Source link

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.

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