Kavin Bharti Mittal, a scion of the family behind India’s second-biggest wireless operator, is planning to revive his struggling technology startup more than four years after it was valued at $1.4 billion by backers including Softbank Group Corp.

Since attaining unicorn status in 2016, New Delhi-based Hike Pvt. has suffered a string of setbacks. The latest blow came last month when it shut down its signature messaging app — a platform that grabbed the attention of other investors such as Tencent Holdings Ltd. and Foxconn Technology Group for taking on WhatsApp in the local market.

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