Hike narrows FY20 net loss to Rs 180.75 crore
Total income almost halved to Rs 11.98 crore from Rs 26.49 crore
Hike Pvt Ltd, the parent company of the Hike messenger app that was shut down last month, has narrowed its FY20 net loss to Rs 180.75 crore compared to Rs 205.4 crore in the previous fiscal.
Total income almost halved to Rs 11.98 crore from Rs 26.49 crore. Total expenditure also fell to Rs 192.74 crore from Rs 231.98 crore.
Hike chief executive Kavin Bharti Mittal had announced on 6th January that StickerChat is shutting down. He also announced that the company will focus on two new smartphone apps called Vibe and Rush. The company is also planning to raise fresh funding from investors to scale-up Vibe and Rush.
“Today we’re announcing that we will be sunsetting StickerChat in Jan’21. We thank you all for giving us your trust. We wouldn’t be here without you. All your data will be available to download in the app. Your HikeMoji will continue to be available in both Vibe & Rush!” Mittal posted on his Twitter account.
During the fiscal, the company allotted 3,183,579 equity shares of Rs. 10/- each to Hike Global Pte. Ltd. (Formerly known as Bharti SoftBank Holdings Pte. Ltd.), holding company pursuant to a scheme of amalgamation as approved by National Company Law Tribunal, New Delhi order dated 01st February 2019.
After the end of FY20 and up to the date of the report, the company has allotted 300,000 equity shares of Rs 10 each on 21.09.2020 to Hike Global Pte. Ltd (Formerly known as Bharti SoftBank Holdings Pte. Ltd.)
As of March 31, 2020, the paid-up Share Capital of the Company stood at Rs. 119.26 crore divided into 11.93 crore equity shares of Rs. 10/- each.
The company refused to comment on the story. Email sent to Mittal remained unanswered till the time of filing this report.
