ByteDance is in early discussions with Reliance Industries Limited to invest in the India operations of TikTok, reports TechCrunch. The conversations began late last month and are yet finalise a deal, the report added.
The discussion comes at a time when the Indian government has imposed a ban on the popular video-sharing network citing security concerns.
In the US too, TikTok is facing a ban unless it is acquired by an American company by September 15. For the sale of US operations and other select markets, ByteDance is in talks with Microsoft and other potential buyers such as Twitter.
As far as India goes, it has been TikTok’s largest market in the world for quite some time. Before the June ban, TikTok had 200 million users. It had also successfully developed a thriving content creators’ community.
TechCrunch in its report pointed out that the TikTok-Reliance discussions come as the parent ByteDance is struggling to retain key executives in India. Some of its top high-level executives such as policy head and Rohan Mishra, who headed ByteDance’s Helo operations in India, have already left the company.
The company has over 2,000 employees in India. ByteDance had last said that it does not intend to lay off its employees. A deal with Reliance, however, could help TikTok overcome several challenges in its largest market.
Reliance, in the meanwhile, has begun focusing on the digital market. Its Jio Platforms, a combination of its telecom, e-commerce and other services, has raised investments from the likes of Facebook, Google and other investors.