Hike Shuts Down Amid Growing RMG Challenges

• Hike founder Kavin Bharti Mittal announced the shutdown of Hike following regulatory challenges in India.
• The pivot to global markets required a significant reset which wasn’t viable, leading to the closure.
• Originally a messaging app, Hike shifted to Web3 gaming but struggled under India’s new gaming regulations.
• Mittal highlighted early success in the US market but it wasn't enough to sustain operations.
• Other startups in the sector, like Dream11, are exploring new avenues in response to India's gaming regulations.

Source: Inc42