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GST on online gaming: Hike's Rush Gaming lays off about 22% employees
The Morning Standard
|August 11, 2023
AFTER the Mobile Premier League (MPL) laid off 50% or about 350 people due to 28% GST on online real-money games, Hike's Rush Gaming Universe (RGU) has now reduced its workforce by 22% or 55 people.
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Of 55 people, which it has let go of, 24 are not full-timers. Hike founder and CEO Kavin Bharti Mittal said in a statement, "Business is in its best shape ever. This 400% rise in GST is a bazooka pointed at us. We'll need to absorb some of it."
As per Tracxn report, Hike has so far raised $261 million in equity funding and its investors include Tencent, Tiger Global Management, Binny Bansal, Cred founder Kunal Shah and Tribe Capital, among others. It pivoted to real-money gaming in 2021.
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