Kavin Bharti Mittal’s Hike raises fresh funds for its web3 play-to-earn blockchain gaming project
May 6, 2022, 16:06 IST
- Hike has raised a new round of funds from marquee web3 investors Jump Crypto, Tribe Capital and Republic Crypto.
- The fresh funding will be used to bring Hike’s gaming platform, the Rush Gaming Universe, onto the blockchain.
- Kavin Bharti Mittal, CEO and founder of Hike, wants to create a gaming experience where gamers are owners of the assets they create online.
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Kavin Bharti Mittal’s homegrown startup, Hike, has raised fresh funds for its gaming platform, the Rush Gaming Universe. Led by Jump Crypto, the round also saw participation from Tribe Capital and Republic Capital’s Republic Crypto.
The company has not disclosed the funds raised by the three investors. However, it plans to use most of these funds to build out their web3 vision for Rush Gaming Universe (RGU). Mittal wants to bring consumers in emerging markets like India on-chain by creating a blockchain gaming platform where users can play, earn and grow.
India being a mobile-first market needs a unique approach and our years of building for this market help tremendously in building a seamless user experience to bring the next billion users on-chain. We’re incredibly excited about the future
It takes time for technology to catch up
Mittal initially wanted to launch RGU on blockchain 15 months ago when they created the application. According to him, at the time, there were too many bottlenecks within the technology.
It was only in January this year that Hike partnered with Polygon to bring RGU onto web3. The platform also airdropped non-fungible tokens (NFTs) called Rush Avatars to its existing users on the path to coming on-chain.
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In just 13 months since its launch in March last year, the Rush Gaming Universe is clocking in over 160 million gameplays every quarter with over $90 million in gross winnings annually across 1.8 million monthly active users (MAUs).
Hike's new strategic investors
In building RGU’s vision for web3 gaming, Jump Crypto will serve as the market maker to help the platform navigate exchanges, Tribe Capital comes with years of expertise in the web3 world, while Republic Crypto will act as a token advisory and sale partner.
We’re excited to finally see a mobile-only product emerge in the web3 space. Gaming is going to be a gateway for the next billion users to come onto crypto and Hike’s Rush Gaming Universe is building a seamless web3 experience to enable that.
The lead investor, Jump Crypto, has made over 23 investments in crypto projects globally including Streamflow, SnackClub, and Ethereum Push Notification Service (EPNS) – a homegrown blockchain communication decentralised application (dApp) founded by Harsh Rajat.
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