Kavin Mittal’s Hike 2.0: Navigating Challenges, Embracing Innovation for the Future

Kavin Mittal, the resilient force behind messaging service startup Hike, has weathered storms and emerged with a strategic vision to redefine the company’s trajectory. From being the fastest unicorn in India to facing existential challenges, Mittal’s journey reflects the dynamic nature of the tech landscape.

In 2016, Hike soared to unicorn status, reaching a valuation of $1.4 billion in just three years and seven months. However, by 2017, the company began losing its way. With a workforce expansion from 140 to 380, diversification into new areas, and a shift towards becoming a super app, Hike found itself spread too thin. The dynamics of the company changed, and it faced challenges that led to a decline.

Acknowledging the need for a course correction, Kavin Mittal and his team regrouped in 2019 to redefine Hike’s business model. The realization dawned that focusing on specific verticals was crucial for sustained growth. Hike narrowed its focus to two key verticals: Winzo, an online gaming platform, and HikeMoji, a feature aimed at enhancing user experience on the social platform. “We think it’s time for the next generation of social products to emerge, and those will emerge in the form of vertical communities,” says Mittal. The decision to concentrate on gaming and personalized avatars aligns with the evolving preferences of online users seeking niche and private spaces.

Hike’s initial ambition to become a super app offering a wide range of services faced challenges, particularly with the disruptive entry of Reliance Jio in 2016, providing affordable internet data. The landscape shifted, rendering Hike Total and the payments platform less relevant. The company recognized the need to backtrack, cutting down the team to about 120 and realigning its focus towards vertical communities.

Investing in Winzo, an online arcade with a focus on gaming, proved to be a strategic move for Hike. The platform, which allows users to engage in games and betting, experienced significant growth, positioning itself in a category with little competition. Simultaneously, Hike introduced HikeMoji, a virtual clone of oneself, aimed at enriching user interactions and experiences on the social platform. The focus on gaming and personalized avatars is seen as a step in the right direction, especially with the rise of augmented reality and virtual reality.

Kavin Mittal’s forward-looking approach includes the upcoming launch of HikeLand, a virtual space for users to connect and build relationships around shared experiences. At the core of this initiative is HikeMoji, offering users a virtual representation of themselves. Industry experts believe that this move aligns with the trends of augmented reality and virtual reality, providing a platform to monetize gaming and engage with the target audience.

Mittal’s vision for Hike extends beyond conventional revenue streams. By tapping into the virtual economy, driven by a deep understanding of human psychology, Hike aims to provide users with a space to curate their online selves. The company envisions users spending money on virtual goods and exclusive items for their avatars, drawing inspiration from successful models like Tencent in China.

While Hike’s renewed focus on gaming and avatars is seen as promising, industry analysts emphasize the importance of execution in realizing these ambitions. The company’s shift towards a niche market, with a focus on the virtual economy, positions it strategically in the evolving tech landscape. As Hike embraces innovation and navigates the unknown, the future holds the promise of exciting possibilities.

In conclusion, Kavin Mittal’s journey with Hike reflects the resilience required to thrive in the ever-changing tech industry. With a strategic pivot, a focus on user experience, and a vision for the virtual economy, Hike is poised to redefine its role in India’s digital landscape. As the company steps into the unknown, the tech world watches with anticipation to see how Hike’s innovative approach shapes the future of social products and online experiences.