Chinese Apps Ban: TikTok’s Parent Company ByteDance May Lose Rs 45,000 Crore

TikTok is expected to suffer a loss of Rs 720 crore after the Indian government made a digital strike on China

Jessica David

July 7, 2020

Trending News

1 min


Indian government’s decision to ban TikTok and 58 other Chinese apps will cause huge financial losses to all these companies with ByteDance – TikTok’s parent company – expected to suffer a loss of Rs 45,000 crore. China’s state-run media reported that ByteDance could lose up to 6 billion USD as a result of the Indian government’s decision to ban TikTok, Helo and several other Chinese apps due to security issues. Interestingly, India was not the major source of revenue for TikTok but it was among the top nations to have most downloads for the app.

ByteDance had invested over 1 billion USD in the Indian market in the last few years and the ban could prove disastrous for the company‘s business in India. Apparently, ByteDance’s loss would exceed the potential losses of all the other apps combined. SensorTower Inc., a mobile app analysis company, has said in a recent report that TikTok was downloaded 112 million times in May, with 20 per cent of that total in the Indian market.

Get more news updates on ZEE5.

Related Topics

Related News

More Loader