Info-tech

TikTok’s parent company Bytedance could lose $6 billion after ban in India: Report

Prashasti Awasthi Mumbai | Updated on July 02, 2020 Published on July 02, 2020

TikTok   -  Reuters

The recent ban of 59 Chinese apps by India has also gained the attention of news portals based in China. Recently, state-run media The Global Times published a report on the ban and speculated that ByteDance - the parent company of the TikTok and Helo apps, could lose up to $6 billion (₹45k crore) after the Indian government decision to ban them citing concerns about privacy and national security of the country.

The TikTok app has been installed about 2 billion times globally, according to mobile insights firm Sensor Tower. India accounted for 611 million of those downloads, the firm said as cited in the Tech Crunch report.

TikTok amassed almost 200 million users in India this May. The country has been TikTok’s biggest overseas market for the Bytedance.

The Indian government on Monday banned 59 apps with China links including TikTok, SHAREit, UC Browser, Baidu map, Helo, Mi Community, Club Factory, WeChat and UC News in view of the information available that they were engaged in activities “which is prejudicial to sovereignty and integrity of India, defense of India, the security of the state and public order”.

The Global Times said the move has dealt a severe blow to the confidence of Chinese investors and traders.

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Published on July 02, 2020
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