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Gaming startup WinZO gives complete exit to Hike – Kavin Mittal gets four times return on investment Gaming startup WinZO gives complete exit to Hike – Kavin Mittal gets four times return on investment IANSMay 3, 2021, 12:56 IST IANS WinZO on Monday said it has bought back early investor Hike s shares for $12 million, making it one of the largest buyback transactions by an early stage firm in the Indian start-up ecosystem. The move gives a complete exit to Hike with four-fold returns on their investment in May 2019. Hike participated in the $5 million Series A funding in WinZO in 2019 and has received 4 times returns within a span of 18 months, the company said in a statement. ....
EXCLUSIVE: Hike is selling its stake in WinZO as Kavin Mittal enters gaming on his own EXCLUSIVE: Hike is selling its stake in WinZO as Kavin Mittal enters gaming on his own Sanchita DashMar 9, 2021, 15:29 IST Kavin Mittal, HikeBCCL WinZO, a gaming platform, sources told Business Insider. Hike, in 2019, had invested $3 million in WinZO, as a part of its series A investment which also saw Kalaari Capital pumping in money. Kavin Mittal’s Hike is looking to get back in the game with two new products – Vibe, an exclusive social platform and Rush, a gaming platform.Kavin Mittal’s Hike is looking to get back in the game with two new products – Vibe, an exclusive social platform and Rush, a gaming platform. And in that process the company is now selling its two-year old stake in WinZO, a real money gaming platform. ....
A candid Kavin Mittal admits his mistakes as he reinvents Hike and plans fresh fundraising this year A candid Kavin Mittal admits his mistakes as he reinvents Hike and plans fresh fundraising this year Sanchita DashFeb 25, 2021, 13:28 IST BCCL Kavin Mittal talks about launch of Hike’s two new products – Vibe, an exclusive social platform and Rush, a gaming platform. Hike made headlines in the beginning of 2021, as Mittal took to Twitter to announce the shutting down of Hike Messenger. While keen to revive Hike back to its glory days, Mittal says he is being careful not to repeat the mistakes.Kavin Mittal, son of one of India’s richest business tycoons, is a man who has waged his own battles. He got wounded, but it seems like he is not afraid to show the scars. ....
India Startup Crushed by WhatsApp Now Aims to Rival Facebook Bloomberg 2/18/2021 P R Sanjai (Bloomberg) Kavin Bharti Mittal, a scion of the family behind India’s second-biggest wireless operator, is planning to revive his struggling technology startup more than four years after it was valued at $1.4 billion by backers including Softbank Group Corp. Since attaining unicorn status in 2016, New Delhi-based Hike Pvt. has suffered a string of setbacks. The latest blow came last month when it shut down its signature messaging app a platform that grabbed the attention of other investors such as Tencent Holdings Ltd. and Foxconn Technology Group for taking on WhatsApp in the local market. ....
Unicorn status, strong investors, and a feature-rich product couldnt save Hike, which spent INR1,320 for every rupee it earned between 2015 and 2019. However, Indias tech entrepreneurs can take away some lessons from its story. ....