Hike raises $65 million

The mobile messaging service provider will use the funding on product and expand its team

Indian mobile messaging service provider Hike said it raised $65 million in fresh funding, led by New York-based investment firm Tiger Global, to spend on its product and expand its team.

Hike said its parent Bharti SoftBank was the other investor in the new round of funding. It did not say specify Tiger Global and Bharti SoftBank's individual investments. Bharti Enterprises is the parent of top Indian mobile phone carrier Bharti Airtel Ltd. Hike, which competes with messaging apps such as WhatsApp and Line, said it has more than 35 million users with more than 90 per cent from India.

India is the world's second-biggest mobile phone market after China by number of users.

Smartphone sales have surged in the past two years after the launch of high-speed networks, making the country the world's third-biggest smartphone market.