One of the popular short video streaming app “TikTok” parent company ByteDance is planning to expand its business across Asia and about to set up a second corporate entity in India which is the 3rd largest economy of Asia. Chinese company ByteDance also owns the social media app “Helo” which they have launched in the rival of Facebook.
As per the report by Economic Times, ByteDance is expected to file an application with the government and regulators, including the Department for Promotion of Industry and Internal Trade in upcoming weeks. ByteDance owns and operates many popular apps in which TikTok & Helo is very much famous among youths in India and giving tough competition on Youtube. ByteDance has its app popular in home country china also like Toutiao and Douyin, Chinese TikTok twin, Xigua Video, and other apps.
Also Read: Govt can again ban TikTok in India
TikTok has a total of 611 million downloads (Google Play Store+Apple App Store) in India followed by 197 million downloads in China. Which makes the ByteDance market evaluation of more than 100 billion dollars in 2020. The company has made around 25 crores rupees profit from India last year which is increasing rapidly. ByteDance’s current market valuation globally is around 110 billion dollars.
Now the company is planning to cover the whole app market of India by setting up a new corporate entity. They might change their business name in India and set-up a big office in India also but like Xiaomi, there will retain their Headquater in china only.