After being under the radar for a while now, Hike's founder and CEO Kavin Bharti Mittal has managed to raise funding for the first time in five years from iconic investors. The company has seen a resurgence, all thanks to its new investors who have now come on board.
Hike has raised an undisclosed amount of investment from Tinder's co-founders Justin Mateen and Sean Rad, SoftBank Vision Fund's chief executive (CEO) Rajeev Misra, Tribe Capital's Arjun Sethi, Zeta's co-founder Bhavin Turakhia, Cred's Kunal Shah, Flipkart's Kunal Bahl and Rohit Bansal and South Park Commons' Aditya Agarwal.
These giants have now joined hands and come together to propel the company into the future.
"We're thrilled to have some of the world's most iconic product builders and investors join us in our journey. The rapid technological evolution over the last few years has paved the way for massive disruption in social and gaming. There's little to separate these two categories. Gaming is now inherently social, evolving into a new way for people to hang out and interact in the virtual world," said Kavin Bharti Mittal, founder and CEO, Hike.
According to the company, this latest round of funding will be used to fuel its recently launched online gaming vertical Rush and to experiment in other domains like social media and cryptocurrency. The funds will also be further used to expand on product strategy besides hiring across functions.
Earlier Hike had raised $175 million in Series D funding led by internet giant Tencent and manufacturing firm Foxconn. The round had valued the company at $1.4 billion.
At present, Hike operates a fully remote cross-functional team of over 160 employees who are working remotely from over 50 cities. It is hiring talent across roles at the intersection of social, gaming, and crypto.
With all these new moves and additions it remains to be seen how it all pans out but it's safe to say the future of the company looks promising and optimistic.