Hike's Journey Ends: Kavin Mittal Shifts Focus Beyond Real Money Gaming
Hike founder Kavin Mittal announced the complete winding down of the startup, citing the Indian ban on real money gaming as a pivotal challenge. Mittal questioned the worth of raising capital for a pivot, emphasizing the need to focus on AI, energy, and other pressing global opportunities.
- Country:
- India
In a decisive move, Kavin Mittal, the founder of Hike, has announced the closure of the 13-year-old startup. Despite early success in the US, Mittal deemed the Indian ban on real money gaming as a fundamental barrier to global scaling, urging a strategic shift in resources and focus.
Posting on LinkedIn, Mittal conveyed that a recapitalization for a pivot was neither advisable nor feasible for Hike. The entrepreneur emphasized that while raising capital was possible, the larger question was whether it's worth it, concluding it was not for him, his team, or investors.
Mittal highlighted the regulatory challenges posed by India's new Online Gaming Bill, which curbed real money online gaming. Instead, he envisions contributing to future innovations in AI and energy, motivated by emerging global frameworks and opportunities.
(With inputs from agencies.)
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