Indian messaging app Hike raises USD 65 million funding
Indian instant messaging application Hike has raised USD 65 million fresh funding, led by New York-based investment firm Tiger Global, a company statement said here Wednesday.
Hike also crossed the 35-million user mark, making it one of the fastest growing messaging apps from India.
"Over 50 percent of the users are active on the platform on a monthly basis. The milestone also marks an infusion of fresh investment of USD 65 million led by Tiger Global, a New York based investment firm and followed by Bharti SoftBank," the statement said.
At present, Hike - a joint venture between Bharti Enterprises and SoftBank Corporation - is handling over 10 billion messages and 3 billion stickers per month.
Hike competes with other applications like WhatsApp and Line.
"With the new investment, our focus will continue on developing innovative features to bridge the existing gaps in messaging market in India. The investment will also be directed towards growing our team and attracting the best talent in India," Kavin Bharti Mittal, founder and chief executive officer of Hike said.
"Going forward, our aim is to become the first mobile-Internet company for India to cross 100 million users and we're extremely excited to have Tiger Global join us on our mission to bring India online," he added.
"The company's incredible traction, the rapid pace at which its team operates and its sharp focus are compelling," Lee Fixel, Partner, Tiger Global Management, said.
(Posted on 27-08-2014)