Reliance Industries may invest in Tiktok’s Indian business: report
Initial talks are underway between Reliance Industries and ByteDance over-investment in Indian businesses of the banned Chinese app Tiktok in India. ByteDance Short Video Making App is the owner company of Tiktok. According to a TechCrunch report, the round of investment negotiations between the two companies began last month, although no final decision has been taken on the deal yet.
The Indian government banned 59 Chinese apps including Tiktok
Currently, no comments have been made on this item from Reliance, ByteDance, and Tiktok. Explain that 59 Chinese apps have been banned from the Indian government, including the Chinese app Tiktok, for national security. The same week last week, US President Donald Trump also banned the US transaction of WeChat, Tiktok. Companies such as Microsoft and Twitter have shown interest in the acquisition of Tiktok’s US business.
Big Market of India Tiktok
India is a big market for Tiktok apps outside China. Currently, Tiktok has around 200 million users in India. The ByteDance company employs around 2000 people in the country. According to the report, Tiktok’s Indian business is valued at around $ 3 billion. The same Jio has around 400 million users in India. In such a situation, this deal can prove beneficial for Reliance. Reliance Industries has partnered with the veteran social media platform in the last few months. It includes 13 high-profile investors including Facebook, Google. According to the report, the deal with the Reliance Industry’s Tiktok, the company of India’s richest businessman Mukesh Ambani, can reduce the difficulties of the app ban.