India, Sept. 16 -- What started as a messaging app aiming to challenge WhatsApp in 2012 has ended in an abrupt shutdown. Hike, once a unicorn with grand ambitions, is closing its operations after over a decade, citing India's new ban on real-money gaming (RMG), regulatory roadblocks, and a business model that no longer made sense in this legal landscape.

Hike began its journey as a youth-focused messaging app. Over time, it tried to build a super-app: stickers, localized content, unique chat features, all of which won it an audience. But the real pivot came when it launched Rush, a platform offering games like Ludo and Carrom with cash rewards. That shift toward gaming, with real money on the line, became central to its recent identity....