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Messaging App Hike Raises $175M from Tencent and Foxconn at a $1.4B Valuation

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In the recent times, Hike has been unable to penetrate the Indian messaging market with its widespread utility. With products and services like WhatsApp and facebook Messenger taking enormous leads, Hike’s attempts were mostly futile being unable to convince customers to change. alternatively, as of late the corporate at a press conference, introduced that it has closed a funding of $one hundred seventy five Million from new chinese language traders including Tencent and manufacturing agency, Foxconn. additionally, Hike is now valued at an immense $1.4 Billion via collection D spherical.

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Tencent, the name behind China’s top messaging app – WeChat is the main appeal here. this might eventually lead to Hike fabricating a full-fledged platform integrating a variety of services and products and content material. As of now, Hike already supports options like information, shopping coupons, gaming and extra. Free SMS has been always Hike’s major point of attraction and the reason at the back of its preliminary success in the u . s .. moreover, the messaging app now serves over 100 Million users and transacts over 40 Billion messages every month. The app is available in seven languages and likewise gives stickers in forty languages for enrolling native users.

Kavin Bharti Mittal, CEO, and Founder mentioned that the company can be heavily beting on emerging technologies like artificial intelligence, computing device finding out, augmented reality and virtual fact within the coming future with out a stable possibilities at this time. it might be interesting to see how Hike advantages from this new partnership and takes on the second greatest market of messaging applications);

Tencent President, Martin Lau stated in conversion with TechCrunch that “Hike deeply is familiar with India; a extremely diverse market with many nuances. it’s on a mission synergistic to ours, which is to toughen the quality of human lifestyles through internet services. With our funding, Hike will be capable to leverage our deep domain experience in the messaging platform house to supply more price to its users in India,

the subsequent 12 months or so must be very fascinating for messaging apps in India. Tencent has never disclosed the WeChat active person base, and now they have got invested in Hike to try and prevent WhatsApp steamrolling everyone else.


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