ByteDance is setting up a second corporate entity in India, as the Chinese multinational internet technology company looks to establish in Asia’s third-largest economy, among its most active markets globally.The new entity, according to two sources with knowledge of the developments, is likely to provide Information Technology and IT-enabled services support to all of ByteDance’s platforms worldwide, including in India.
The company, which commands a secondary private market valuation of about $110 billion, owns and operates popular short-form mobile video app TikTok and social media platform Helo apps. It also has content discovery platform Toutiao and Douyin, the Chinese twin of TikTok, as well as Xigua Video, among others in its portfolio.
Sources said ByteDance was expected to formally file an application with the government and regulators, including the Department for Promotion of Industry and Internal Trade in next few weeks.
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