The amount of the deal is not yet known.
Indian messaging app Hike has announced that it has acquired Bengaluru-based media streaming technology startup, CREO. The company, however, did not reveal the amount of the deal.
According to a Hike spokesperson, “The Creo team will begin work on a developer platform to enable third party developers to build services on the Hike platform”. Hike started its association with CREO as the company became part of a mentoring program run by Hike CEO Kavin Bharti Mittal.
CREO was founded by Sai Srinivas Kiran G and Shubham Malhotra in December 2013 and manufactures media streaming device Teewe. Sai and Shubham are now ex-Hike employees. As of now, the CREO has a team of over 50 working members and the company had previously launched hardware products that include streaming media dongles and smartphones. ALSO READ: Netflix acquires rights to stream S.S. Rajamouli’s war epic Baahubali films
CREO last launched the Mark 1 smartphone for Rs 19,999 in India, which later received a price cut by Rs 6,000. It was the company’s first flagship smartphone with its own Fuel OS based on Android. CREO had also promised to give new software features every month.
On the other hand, Hike Messenger recently introduced its video calling feature last year. The company earlier this year also updated its app to Hike 5.0 that brings various new features that included a wallet support and fund transfers through Unified Payments Interface (UPI) as well. Hike Messenger was launched in India back in 2012. As of 2016 January, the company has a user base of over 100 million. Hike has also raised its fourth round of funding in August last year. The valuation cost around $175 million and was led by Tencent and Foxconn, making it the fastest company in India to attain a valuation of $1 billion. Some of the other investors of the messaging app include Tencent, Foxconn, Tiger Global, Softbank and Bharti.