Hike got a “Hike” this appraisal season. India born messaging platform “Hike” raises $175 million – 11,721,500,000.00 INR
Hike Messenger – an Indian messaging startup currently valued at nearly $1.4 billion has raised more than $175 million in a funding exercise led by Tencent Holdings Limited and Foxconn Technology Group.
Launched on 12 December 2012, Hike attained 15 million users in February 2014 and raised $14 million for its development. The company, so far raised $250 million overall in four rounds of investment, the fourth being the highest, the company said in a statement on Tuesday.
The India-grown messaging platform has 100 million users in India out of which 95 percent are Indians.
“The new fund raise is going to allow us to push Hike to greater heights and invest in areas that will be key to our long term vision and success,” said Kavin Mittal, founder and chief executive of Hike.
Hike is the biggest competitor in India to Facebook owned WhatsApp.
Hike uses a 128-bit SSL encrypted, firewalled server for the exchange of media and text messages only on wifi. Messages are stored locally in the user’s device and the data is not backed-up to Hike’s server.