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Chinese giant ByteDance is engaging in early discussions with Reliance Industries Limited, the parent firm of telecom giant Jio Platforms, for financially backing TikTok’s business in India in a move to potentially save the popular video app’s fate in its biggest market by users, two people familiar with the matter told TechCrunch.
The two companies began conversations late last month and have yet to reach a deal, the sources said, requesting anonymity as the talks are private. TikTok’s business in India, where it had amassed over 200 million users before it was banned in late June, is being valued at more than $3 billion, one of the sources said.
ByteDance in talks with India’s Reliance for investment in TikTok – TechCrunch
The two companies began conversations late last month and have yet to reach a deal, the sources said, requesting anonymity as the talks are private. TikTok’s business in India, where it had amassed over 200 million users before it was banned in late June, is being valued at more than $3 billion, one of the sources said.
ByteDance in talks with India’s Reliance for investment in TikTok – TechCrunch
