After years of adversity, Hike shut down its Hike StickerChat, changed the name of Hikeland to Vibe, and unveiled the Rush game platform. The company’s scale, which soared from Rs 13k in FY20 to Rs 19 Cr in FY22, may be evidence that the flip was a wise decision.
A brief about Hike Posts Rs. 19 Cr. revenue in FY22 with a total of Rs 1775 Cr in outstanding losses:
However, those figures must seem unbelievable when compared to the company’s outstanding losses, which increased and exceeded Rs 1,775 crore ($235 million) in FY22.
In comparison to the fiscal year ending March 2021, Hike’s revenue from operations “raced” to Rs 19.21 crore as opposed to Rs 18 lakh, according to the company’s standalone annual financial statement filed with the Registrar of Companies (RoC).
Over the course of its journey, Hike has produced about Rs 21 crore in revenue from operations.
Through its Rush by Hike online gaming platform, Hike makes money. It stands for the difference between the number of entry fees paid by users less any winnings and the membership fees for signing up as a VIP user. The company also generated an additional non-operating income of Rs 2.55 crore from interest, gain on investments, and other sources, bringing its total revenue for FY22 to Rs 21.76 crore.
Before January 2021, Hike was a P2P chat service, but it changed to a different domain and unveiled two new platforms, Vibe and Rush. While Rush is a real money skill-based gaming platform that offers numerous casual games and was created internally by the business, Vibe is a social networking tool for sharing videos.
Moving on to costs, employee benefits made up the majority of these costs, accounting for 51% of the total. From Rs 61.67 crore in FY21 to Rs 71.44 crore in FY22, this expense increased by 15.8%.