Over-the-top (OTT) players such as Hike, which also become the second largest messaging app in India with 70 million users, use internet to offer voice and messaging services to consumers.
"The best part of the internet is that it is not at all regulated, else we cannot come out with an update every 7.5 days...As long as we have that, we are fine," Mittal said during an event to announce new features for the application.
"The reason people buy data packs is to consume internet services offered by OTT players...If we were not there, people would not be buying data," he added.
In July this year, a Department of Telecom (DoT) panel had proposed regulation of domestic calls by OTT applications by putting them on par with services offered by telecom operators.
In line with demand from telecom operators, the panel had also recommended that OTT players should be brought under regulation to comply with national security norms like telecom operators in the country do.
He added it is being evaluated if advertising and transactions models will be used for monetisation.
The company today launched another feature for the application which allows users to share data and files without internet connectivity within a radius of 100 meters.
Sharing an example, Mittal said exchanging 100 MB of data would take less than 10 seconds on Hike Direct without incurring any charges.
The new feature will be available to Android users having 4.0.6 version. It will be available for iOS and Windows users next year.
Hike was launched in December 2012 and it has raised USD 86 million from Tiger Global and BSB till date.