ByteDance Negotiates with India’s Reliance for Investment in TikTok
India is the largest market for TikTok by users, and this move is expected to save TikTok's fate.
ByteDance, the Chinese owner of short video hit TikTok, is engaging in early conversations with Reliance Industries Limited, the parent firm of telecom giant Jio Platforms, for financially backing TikTok's business in India, according to TechCrunch.
It's been reported that TikTok's business in India had amassed over 200 million users before it was banned in late June, and is being valued at more than USD3 billion. Meanwhile, the new app Reels, which has been launched by Facebook in Instagram in India last month, has seen a surge of daily engagement. It increased more than 25% since the ban on Tiktok, according to a person familiar with the matter.
As the most valuable oil-to-retails giant firm in India, investing in TikTok could help Reliance achieve more connections with consumers. By far, ByteDance did not respond to a request for comment.