TikTok owner ByteDance is reportedly in talks with India’s Reliance Industries Limited, the parent company of Jio Platforms, for investment in the video-sharing app’s business in India. It comes after the app was banned in India in late June. The move could potentially save TikTok’s fate in the biggest market by users, reports TechCrunch.
The report goes on to say that ByteDance and Reliance began conversations late last month and have yet to reach a deal. Tiktok‘s business in India is said to be valued at more than $3 billion with 200 million users (before it was banned). The report comes as ByteDance is struggling to retain some key employees in India. It is said that various high-level executives at the company, including a policy head and Rohan Mishra, have left the company recently.
ByteDance has told its employees that it is in conversation with the Indian government to resolve privacy concerns. Further, the company assured that it does not plan to layoff employees in India. For reference, ByteDance employs about 2,000 people in India.