TikTok’s parent company ByteDance is engaging in talks with Reliance Industries Limited for investment in TikTok’s India operations, according to a TechCrunch report.
The Chinese tech giant is in early discussions with the parent company of telecom giant Jio Platforms seeking investment in TikTok’s India business to potentially save the short-video app’s future in the country after the Centre had announced a ban on the app citing security concerns.
The discussions between the two companies had begun late last month, as per the report.
TikTok had garnered over 200 million users before it was banned in June and was valued at over $3 billion, as per the report.
ByteDance did not respond to TechCrunch for a comment.
The app is also facing a similar ban in the United States where it is in talks with tech giant Microsoft. Microsoft has expressed its interest in taking over TikTok’s US operations.
“Following a conversation between Microsoft CEO Satya Nadella and President Donald J Trump, Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States,” Microsoft had said in a blog post on August 2.
According to a report by the Financial Times, the tech giant may be eyeing TikTok’s global operations as well.
Microsoft is due to submit its proposal to the US government by September 15.