ByteDance stated to be in talks with Reliance about TikTok funding
Pankaj Nangia | Bloomberg | Getty Photos
Reliance Industries is presently in “early discussions” with TikTok dad or mum firm ByteDance, which is headquartered in Beijing, a couple of potential deal for TikTok’s enterprise in India, in keeping with the report.
Discussions between ByteDance and Reliance Industries reportedly started in July however a deal is but to be reached. TikTok’s enterprise in India has a valuation of $three billion, in keeping with one of many sources cited by TechCrunch.
It is unclear if Reliance wish to purchase the entire of TikTok’s enterprise in India or simply a part of it.
TikTok has acquired extra customers in India than in another nation however the app was banned by the Indian authorities together with 58 different Chinese language apps on June 29 as geopolitical tensions between the 2 nations soared. It is doable that the Indian authorities would reinstate TikTok if it was owned by an Indian firm, similar to President Donald Trump has stated TikTok may proceed working within the U.S. offered it’s owned by a U.S. firm, equivalent to Microsoft.
Based in 1973 and owned by Mukesh Ambani, India’s richest man, Reliance Industries has historically been within the oil and petrochemicals enterprise. Over the previous couple of years, nevertheless, it has been placing extra of a concentrate on tech. Reliance’s Jio Platforms enterprise has raised round $20 billion over the previous couple of months from traders together with Google and Automobilnews, which is straight competing with TikTok with Instagram Reels.
ByteDance, TikTok and Reliance Industries didn’t instantly reply to a CNBC request for remark.
Learn the complete report from TechCrunch right here.