New Delhi: Indian government’s ban on 59 Chinese apps to protect the ‘sovereignty and integrity of the country, defence, security of state and public order’ could result in huge losses to ByteDance, the company that owns both TikTok and Helo apps.
According to state-run Chinese media, ByteDance is expected to lose around 45,000 crore rupees ($6 billion) after Indian government’s ban on its apps.
TikTok and Helo had around 20 crore monthly active users in India which accounted for almost 39 per cent of ByteDance’s total user base globally.
TikTok was first launched in 2015 in China while Musical.ly was establishing itself in India. Later, ByteDance bought Musical.ly for $800 million and put it out as TikTok which became popular just within a few months of its launch in India.