Ravi loses both actually and figuratively because the other children have forgotten him.
The children are playing a game of hide and seek. In the game, the children scatter while one child is “it”. The child counts while the others hide, but the “it” person has to find everyone. In order to win, you have to go back to the house to touch the den. Ravi does indeed find a hiding place and no one finds him. Yet when he finally returns to the game, the game has been over for some time. The children have forgotten him, and gone on to another game. Basically, he loses because the other children don’t care about him. They forgot about him. Since the game is over, he cannot win.