Hike messaging app in talks with China’s Tencent to raise funds
Bengaluru/Mumbai: Messaging app Hike Ltd is in talks to raise a new round of funds from China’s Internet giant Tencent Holdings Ltd as it seeks to catch up with market leader WhatsApp in one of the largest markets in the world, two people familiar with the matter said. Mint couldn’t ascertain the exact size of the proposed round, but the two people cited above said Hike will raise at least $100 million. Hike’s existing investors Tiger Global Management and Bharti SoftBank may participate in the round, the people said, speaking on condition of anonymity, as the talks are private. Indian smartphone users haven’t taken to Tencent’s WeChat messaging app, prompting the Chinese company to explore talks with Hike, which is seen as the local app that can best compete with Facebook Inc.-owned WhatsApp, the two people cited above said.
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