Messaging app ‘Hike’ net loss widens to Rs 399 crore for FY18
Indian messaging app Hike saw its net losses widening to Rs 399.5 crore for year ended March 2018 from Rs 212.7 crore in the previous fiscal, as per regulatory filings.
The company, which competes with the likes of WhatsApp and WeChat, saw its income in FY2017-18 growing 22 per cent to Rs 39.64 crore compared to Rs 32.89 crore in the previous financial year.
The filing, sourced by market intelligence firm Tofler, showed that the employee benefit expenses of the Kavin Bharti Mittal-led company had grown to Rs 154.48 crore in FY2018 from Rs 110.27 crore in the previous fiscal.
In 2016, Chinese Internet giant Tencent and Taiwanese manufacturer Foxconn had led a $175 million funding round in Hike, propelling the company into the coveted unicorn league (companies with valuation of over $1 billion).