India’s homegrown messaging app Hike Messenger on Tuesday raised $175 million in a series D funding from a group of investors including Foxconn Technology Group and Tencent Holdings. With this fresh investment the valuation of the company rises to $1.4 billion making it an unicorn in India’s internet space. The series D funding was backed by existing backers like Tiger Global, Softbank and Bharti enterprises.
The money raised will be used for foraying into artificial intelligence, machine learning, virtual reality and augmented reality. At present, Hike Messenger, besides the messaging service, offers news, gaming and shopping coupons and exchange more than 40 billion messages every month.
“Tencent and Foxconn both have pedigrees that speak for themselves and such an investment especially in today’s market just goes to show the strong foundation on which Hike is being built,’’ Kavin Bharti Mittal, Founder and Chief Executive Officer, Hike Messenger, said.
Hike Messenger was founded in 2012 by Kavin Bharti Mittal, son of Bharti Group Chairman Sunil Bharti Mittal.