Hike’s Rush Gaming Universe (RGU), a casual skilled-based gaming platform, claimed it has clocked a fourfold increase in annualised gross revenue over the past 12 months. It has crossed the Rs 2,500 crore mark since RGU’s launch in March 2021. This rapid growth is driven by strong unit economics with gross margins of over 65 per cent and a rapid payback period of three to four months.
Kavin Bharti Mittal, Hike’s founder and CEO, said, "Gaming can become a new source of economic opportunity. It’s incredible to see this come to life. Yet, we are so early in this journey. India has the potential to lead the world in this new wave. Hike's exponential growth in the past year is a testament to what RGU has to offer, creating an environment where gaming transcends mere entertainment and drives true impact."
With the introduction of the ‘Free to Play, Win to Earn’ concept, Hike's RGU platform is attempting to transform gaming into an income source for players across India and reshape the perception of casual gaming. It is on track to pay out over $308 million in winnings to its players this year, showcasing the substantial economic opportunities RGU offers its growing community.
Hike operating revenue shot up in FY22 to touch Rs 19.22 crore, up from Rs 17.73 lakh in FY21. This increased after the start-up struggled to find its footing as a messaging app, before pivoting to online gaming in July 2020.
Hike’s investors include JumpCrypto, Tribe Capital, Republic, Polygon, Tiger Global, Tencent, and individuals such as Rajeev Misra, Arjun Sethi, Aditya Agarwal, Elad Gil, and Mark Pincus.