Chinese tech major, ByteDance, has reportedly announced that it is in negotiations with India’s Reliance Industries Ltd., for an investment in the company’s video-based app TikTok. The two companies are reported to have opened talks towards the end of July and have not reached a deal yet, state sources.
For the uninitiated, ByteDance is a Chinese multinational internet technology major, founded by Zhang Yiming in 2012. The company has its headquarters in Beijing and its core product, Toutiao, is a major content platform in China and across the globe.
As per sources, the Indian government had reportedly imposed a ban over 59 Chinese apps, including WeChat and TikTok, for threatening the country’s “s