NEW DELHI—Indian messaging app Hike Ltd. has raised $175 million in a fundraising round led by Chinese internet giant Tencent Holdings Ltd. and Taiwanese electronics assembler Foxconn Technology Group.

The new investment values the homegrown app, a rival to Facebook Inc.’s WhatsApp, at about $1.4 billion, Kavin Bharti Mittal, Hike’s founder and chief executive, said on Tuesday.

Foxconn...