wordpress blog stats
Connect with us

Hi, what are you looking for?

Softbank is reportedly interested in buying TikTok’s India arm

tiktok, bytedance

Softbank is believed to be putting together a consortium of companies to bid for TikTok’s India operations and is actively looking for local partners, Bloomberg reported. Softbank, which already owns a stake in TikTok parent ByteDance, has reportedly held talks with the heads of Reliance Jio and Bharti Airtel. Reliance Jio’s name has popped up in multiple reports for its reported interest in buying TikTok’s India arm. India was TikTok's biggest market in terms of user base before it was banned in June, and since then, a number of domestic clones have been trying to fill the short-video sized hole that TikTok left. Even Instagram launched its TikTok competitor, Reels, in a bid to replace the popular short-video app, which had around 200 million users in India alone. It appears as if Softbank really wants in on buying TikTok. In the US, it was understood to have partnered with Walmart and Alphabet to make a joint bid for TikTok’s acquisition in the US. This deal would reportedly have put Walmart as the lead buyer, with SoftBank and Alphabet acquiring minority stakes. However, the deal apparently fell through because the US administration reportedly wanted the lead buyer of TikTok to be a technology company so that user data could be stored in the US. After the ban in India, the US placed an effective ban on TikTok through an executive order in early August and then ordered Bytedance to sell off its American assets within 90 days. Oracle and a group of Walmart and…

Please subscribe/login to read the full story.
Written By

Free Reads

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

News

Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ