ByteDance In Talks With Reliance Industries For Investment In TikTok: Report

  • by Staff@ TSD Network
  • August 13, 2020

In between the on-going TikTok ban row in the U.S. a new development reported today. According to TechCrunch’s reports, the Chinese giant ByteDance is now in early talk with Reliance Industries Limited (parent firm of Jio Platforms) for an investment in its video-based app TikTok’s business in India.

Reportedly, Mukes Ambani led RIL & Chinese ByteDance began conversations late last month and have yet to reach a deal. Notably, TikTok had amassed over 200 million users in India before it was banned in late June, is being valued at more than $3 billion. And this is why TikTok is now trying to explore every possible way to resume the operations in its largest market outside China.

Earlier, the Indian government in June banned 59 Chinese apps, including TikTok and WeChat, for threatening its “sovereignty and integrity” after border tensions with China.

But this is not the end of a tough time for the world’s most popular video-sharing app. Last week, U.S. President Donald Trump unveiled bans on U.S. transactions with the China-based owners of messaging app WeChat and TikTok. This move clearly escalates tensions between the two countries.

As we informed you earlier, Microsoft Corp has been in talks to acquire the U.S. operations of the video-sharing app. Also, social media platform Twitter Inc has expressed interest in having a deal with TikTok, as per several reports on the internet.

An investment in TikTok could help the oil-to-retails giant Reliance to make deeper connections with consumers. Reliance is already witnessing a huge growth & funding in its telecom (Jio Platforms) and e-commerce (JioMart) arms. Jio Platforms has amassed nearly 400 million users in India in less than four years of its existence. But we can say that Jio’s consumer-facing apps are still struggling to get a massive space in Indian user’s phones.

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Staff@ TSD Network

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