Hike, once a unicorn, shuts down as India cracks down on real-money gaming

One of the most valuables in India with Unicorn Status once, with the company, the latest in New Delhi’s Real-Mani Gaming ban has become the latest accident by Airtel’s founder Sunil Khel Mittal’s son Cavin Bharti Mittal.

On Saturday, the founder of the high of the high of Mittal (illustrated above) said that the US business, which was launched nine months ago, was “a powerful start”. However, he said that it was “a complete recovery for global scaling, a reset that is not the best use of capital or time.”

Initially WhatsApp’s rival has been launched as an instant messaging app In 2012, Hike Real In recent years, Rush, Rush, Rush, Cash, Carom and Ludo provided casual games for cash prizes, after the closure of High Messenger in 2021. Rush attracted more than 1 million users and earned more than $ 500 million in total income over four years, Mitali said.

Storeed investors, including Tiger Global, Softbank and Tensent, supported the high-level aspiration of the high-centered messaging app to accept the WhatsApp with the young-centric messaging app. Was the startup Worth $ 1.4 billion In 2016

“We can raise the capital, but the real question is: is this worth? Is this important for the main topic for climbing?” Mittal Wrote In a Substack Post. “For the first time in 13 years, my answer is not. Not for me, not for my team, not for our investors.”

Last month, the Indian government shocked the real-money gaming industry of $ 23-billion dollars Introduce Online Gaming Act, the promotion and control of 2025, which Imposed ban on the blanket On this national platform. The federal government says that people were reported to have died by suicide after losing money in these games, including those cases, the goal of the decision was.

As a response, top industry players, including Dream Sports and Mobile Premier League (MPL), started shutting down their original money gaming operations in India. While someone starts the pioneer like a new initiative Micro And Financial serviceOthers begin exploring international markets to save their gaming business parts.

The crackdown also triggered the trimmed wave, reports like agencies like about 2,000 jobs Games 24×7, Main digital work, MPLAnd JupitThe Sources have told TechCrunch that some of them are planning to cut up to 90% as they try to adapt or quit the place.

Some of the VC companies supporting these startups have questioned whether their founders also had any initial signs of regulatory action – and if that happened, no action was taken to alleviate the effect, sources familiar with the conversation to TechCrunch.

At the beginning of this week, the Indian Supreme Court Challenging all the petitions transferred New Laws – whose rules have not yet been notified – from multiple state courts across the country. However, the apex court has not yet begun to hear the matter.

Mittal writes, “It both are disappointed and strict consequences but