The next target of the SoftBank to crack deal on TikTok in India
As Softbank is the investor in TikTok’s Chinese parent ByteDance Ltd., Sources said, he is exploring option by talking with the heads of Reliance Jio and Bharti Airtel to join the hand as the local partner.
However, Representatives for SoftBank, ByteDance, Reliance and Bharti Airtel declined to comment. TikTok is considering selling its operations in several countries after local governments shut out the app, citing fears that sensitive user data was passing into the hands of the Chinese state.
Bloomberg first reported the discussions on Thursday evening. SoftBank could tie up with other partners for the deal, the people cited above added. SoftBank declined to comment on the development. An email sent to ByteDance India, the parent of TikTok, remained unanswered till press time.
According to the Bloomberg report, SoftBank had begun talks with Reliance Jio Infocomm Ltd and Bharti Airtel Ltd for an investment in TikTok’s India operations, but these talks fizzled out.
Industry estimate that, Mukesh Ambani-led Reliance Jio could be the logical suitor for TikTok as it does not have any social media platform yet. Jio is absolutely become a cash rich company , Jio Platforms had raised ₹1.52 trillion by selling a total of 33% stake to 13 strategic investors, including Facebook and Google, giving it ample firepower to make large acquisitions such as TikTok India, which is estimated to be valued at just $3 billion.
The Masayoshi Son-led investment firm owns a minority stake in TikTok’s parent company ByteDance.
Following a deadly border clash in Ladakh, India on 29 June banned 59 Chinese apps, including TikTok, on the grounds of national security, for sharing sensitive user data with the Chinese government.
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