China’s BytDance Considering Sale Of Indian TikTok Biz To Rival Glance: Report

According to a report published on Saturday by Bloomberg News, the Chinese etch company and owner of the short video sharing app TikTok, ByteDance, is reportedly considering options for a sale out of it’s the operations of the video sharing app of India to its rival company and unicorn Glance.

The Bloomberg however also cautioned, quoting the sources with knowledge of the matter, that the discussion for a possible sale have been initiated by the Japanese conglomerate SoftBank Group Corp and the negotiations are completely private and at an early stage apart from being a very complex one.

The short video sharing app Roposo is owned by the parent company of Glance – the mobile advertising technology company InMobi. Roposo has gained in popularity following a ban on TikTok in India in July last year after a dispute between India and China at the Himalayan border between the two neighbours.  

The report said that InMobi Pte as well as TikTok’s Chinese owner ByteDance have investments from SoftBank and is a strong backer of both the companies.

There were no comments available from Softbank, ByteDance and InMobi about the issue raised in the Bloomberg News report.

The number of employees of ByteDance in India was reduced significantly last month from a staff strength of more than 2,000 and back then the company has said in an internal memo that it was not sure about the possibility of resumption of its services and business in the Indian market.

That move by the Chinese company came after the Indian authorities decided to carry on with its ban on TikTok along with 58 other Chinese apps after receiving and reviewing responses from the companies over concerns of the government on issues such as regulatory compliance and user data privacy.

If the talks for a sale of TikTok make any further progress, it is widely expected that the demand of the Indian government of the user data of the short video sharing app remains with the country’s borders will be reiterated, said the Bloomberg report.  

(Adapted from Reuters.com)



Categories: Creativity, Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability

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