Kavin Bharti Mittal shuts down Hike after India real-money gaming ban

Kavin Bharti Mittal, founder of the 13-year-old startup Hike and son of Bharti Airtel chairman Sunil Bharti Mittal, has announced the complete shutdown of Hike following India's blanket ban on real-money gaming (RMG). Originally launched as a messaging app to rival WhatsApp, Hike pivoted to real-money gaming with its platform Rush, which integrated Web3 technologies and amassed 10 million users and over $500 million in gross revenue in four years. Despite early success in the US market launched nine months ago, Mittal stated that scaling globally now requires a full recapitalization and strategic reset, which is not the best use of capital or time. Mittal expressed understanding and respect for the government's moral stance, though he acknowledged the ban as a significant setback for entrepreneurs and investors in the sector. He reflected on lessons learned, emphasizing the importance of regulatory clarity and global scale in winner-take-all markets, and noted that RMG was a testing ground rather than the ultimate goal. The decision ends operations across India, the US, and other locations, with about 100 employees affected globally.