HomeStartupHike’s revenue soars 8X to Rs 150 Cr in FY23; losses up...

Hike’s revenue soars 8X to Rs 150 Cr in FY23; losses up 24%

Published on

spot_img

Hike raises money for the first time in five years to experiment with  crypto and gaming
  1. Hike’s Rush Gaming Universe (RGU) saw a significant growth of nearly 8X, crossing the Rs 150 crore revenue mark in FY23, while losses stood close to Rs 150 crore.
  2. Revenue from operations skyrocketed 7.8X to Rs 150.5 crore in FY23 compared to Rs 19.21 crore in FY22.
  3. Hike shifted from being a P2P messaging app to introducing Vibe and Rush in January 2021, with Rush being a real money skill-based gaming platform.
  4. The company earned Rs 1.4 crore via interest and investments, bringing its overall revenue to nearly Rs 152 crore in FY23.
  5. Marketing expenses grew 4X to Rs 142.65 crore in FY23, with employee benefit expenses increasing by 46.2% to Rs 104.42 crore, including employee share-based payments.
  6. Despite rising expenses, losses increased by 24% to Rs 147.3 crore in FY23, with outstanding losses mounting to Rs 1,923 crore.
  7. Cash outflows from operations declined by 9.5% to Rs 94.5 crore during FY23, while EBITDA margin improved to -93.92%.
  8. Hike turned unicorn in 2016 and shut down its chat services in January 2021 to enter the real money skill-based gaming space.
  9. It raised undisclosed funding rounds, with the latest in May 2022 led by Jump Crypto to develop Rush Gaming Universe.
  10. Hike’s efforts seem to be paying off with healthy revenue, but losses remain a concern, with pressure from legacy investors like Bharti Airtel and Softbank.
  11. The company’s ability to sustain its momentum and deliver worthwhile returns to investors remains uncertain.
SourceEntrackr

Latest articles

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...

AI Model Backed by Mukesh Ambani to Launch in March

A consortium backed by Mukesh Ambani’s Reliance Industries Ltd. and India’s top engineering schools...

More like this

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...