Hike Ltd, an Indian messaging service provider, has raised $65 million from Bharti SoftBank and Tiger Global Management. The funds will be utilized to enhance the product and to help expand the user base of Hike Messenger.
Bharti SoftBank is a joint venture between India’s Bharti Enterprises and Japan’s SoftBank Corp. Tiger Global Management is a New York-based investment firm. Hike didn’t disclose how much each has funded individually or how its ownership structure would change post the fundraising.
Hike’s aggressive advertising campaign in June helped it to gain 15 million more users. Currently, it has 35 million users and it handles over 10 billion messages a month of which over 3 billion are Hike stickers, the company said.
Hike is one of the fastest growing messaging apps from India. Over 90 percent of the app’s users are from India and over 80 percent of its users are under the age of 25. The company is hoping that its app, which gives users more ways to maintain privacy and hide conversations on their phones, will attract youngsters trying to dodge the prying eyes of parents and other relatives.
“This is a big milestone for us. We’ve almost doubled our user base, adding 15M users in the last 2 months itself. We can see that our users love hike and we’re now doing over 10 billion messages per month. That’s a pretty big number. With the new investment we’re going to double down. We now have the ammo to tackle the more audacious items on our list. We have a great shot at becoming the first mobile-internet company for India to cross a 100M users and we’re extremely excited to have Tiger Global join us on our mission to bring India online”, said Kavin Bharti Mittal, Founder & CEO, Hike, as published on its website.
Read the article on Hike App published in July this year.