 "Messaging app 'Hike' net loss widens to Rs 3.99 billion for FY18")
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Indian messaging app Hike saw its net losses widening to Rs 3.99 billion for year ended March 2018 from Rs 2.12 billion 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 396.4 million compared to Rs 328.9 million 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 1.54 billion in FY2018 from Rs 1.1 billion 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).
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