TikTok’s parent ByteDance plans USD 1 billion investment in India in next 3 years – The Economic Times
What happened: Bytedance is looking to invest $1 billion over the next three years in India, the Economic Times reported, quoting Bytedance director of global public policy, Helena Lersch. The company will also increase the number of employees in India to 1,000 by the end of this year. According to Lersch, Bytedance is “disappointed by the current developments” in India, referring to the recent legal dispute that resulted in the removal of short video app TikTok from Apple and Google’s app stores. She added that the company remains committed to Indian users and is optimistic that it will resolve the issue.
Why it’s important: Bytedance’s announcement highlights the potential of the Indian market, where TikTok has more than 120 million users according to The Economic Times, as well as the company’s determination to stay in it. While the development in the recent lawsuit hasn’t been favorable for Bytedance, promises of more investment, job opportunities, and more stringent content filters could help the company reduce losses and potentially regain confidence from Indian regulators.