No impact of India ban? TikTok parent ByteDance's revenue doubles to $34.3 bn

TikTok owner ByteDance saw its revenue for 2020 more than double by 111% YoY to $34.3 billion, said its incoming CEO Liang Rubo in a staff meeting on Thursday. The Beijing-based tech giant's actual business grew despite a tough last year. The company not only offset the impact of India ban on TikTok, but it clocked robust growth in terms of its user base as well.

ByteDance had 1.9 billion monthly users across its apps, including TikTok, its Chinese version Douyin, and news aggregator Jinri Toutiao, at the end of the year.

Douyin was ByteDance's largest driver of revenue. The Chinese tech giant's user base swelled as COVID-19 lockdowns across the globe had left people looking for more entertainment avenues online.

Also Read: India blocks ByteDance's bank accounts over alleged tax evasion

However, ByteDance's net loss widened to $45 billion on account of adjustment the company made for an increase in the fair value of its convertible redeemable preferred shares, The Wall Street journal reported.

The company had 110,000 employees at the end of the year. ByteDance raised around $5 billion in December last year at a valuation of $180 billion. The Beijing-based tech giant is the world's most valuable startup, according to US-based market research firm CB Insights.

Also Read: ByteDance launches 'Volcano Engine' to sell algorithm behind TikTok's success

Liang Rubo, who will succeed ByteDance's co-founder Zhang Yiming, made his first all-hands staff meeting speech on Thursday.

Zhang will step down as the company's CEO at the end of this year, stating that he would want to focus on innovation and "longer-term initiatives."

TikTok ban in India

Following the temporary app ban dated June 29, 2020, the government of India, in January this year, issued a notice to TikTok on the permanent ban of the app in the country.

The government had blocked 59 Chinese apps in June 2020, 47 of them in July 2020, and 118 more apps, including PUBG mobile game, in September 2020, followed by another 43 being banned in November 2020.

The Ministry of Information Technology had blocked the apps under section 69A of the Information Technology Act claiming that the apps were engaged in activities prejudicial to sovereignty and integrity of India, defence of India, security of state and public order.

Also Read: Tiktok announces closure of business in India