In a big development amid controversy around Chinese social media giant TikTok, its owner ByteDance is in early-stage talks with Mukesh Ambani's Reliance Industries Ltd to financially back its India business. The popular video-sharing app, along with 58 other apps, was banned in India on June 29 over national security and data privacy concerns.
Both the companies had started discussions in July but the final decision on the deal is yet to be taken, TechCrunch reported, citing people familiar with the developments. Investment in TikTok by India's biggest oil-to-retail conglomerate could not only save its fate in one of its biggest markets but also provide the Mukesh Ambani-led RIL deeper connections with its customers.
Both the companies, however, have not come out with official statements on this so far. Before the ban in June, TikTok India had over 200 million subscribers and the company was valued at $3 billion.