ByteDance, the parent company of short video platform TikTok, has fully exited its investment in VerSe Innovation, which runs short video platform Josh and news aggregator DailyHunt, at a massive 56 percent discount.
ByteDance received $102.67 million for the 302,524 shares it sold. ByteDance has sold 139,774 shares to Ontario Teachers Pension Plan and 162,750 shares to Canada Pension Plan Investment Board.
ByteDance’s exit from VerSe comes at a time when the company was reportedly planning to re-enter the Indian Internet market, which was also a very large market for TikTok before the government banned the app in India in April 2020. The Indian government had also restricted investments from countries that share a border with India.
According to recent media reports, ByteDance is said to be in talks with Hiranandani Group for re-entering India. The company has also informed the government informally about its re-entry plans.
Hiranandani Group runs the data centres company Yotta Infrastructure Solutions. Yotta’s data centre in Navi Mumbai, which has a capacity of 7,000 racks and is the largest in Asia and the second-largest in the world, will allow ByteDance to store Indian user data in India, making it compliant with local regulations.
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