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ByteDance plans to invest in Indian content startups

It wants to build an ecosystem of different content platforms in India.

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MUMBAI: ByteDance, the parent company of popular video sharing app TikTok, has plans to delve deeper into the Indian content market. In order to create a bouquet of apps to target new audiences, the Chinese company will invest in Indian content startups.

As per a Mint report, ByteDance has set up a team to scout for companies in content, social commerce, and education technology. While China’s domestic consumer internet market slowly hits saturation, numbers of Chinese funds are turning their attention to startups in India.

“They (ByteDance) have been toying with this for a while and have had a lot of people come from China to meet Indian startups," the Mint report said quoting a source. “It has an ecosystem in China, and they want to create something similar in India—an ecosystem of different content platforms," the source added.

ByteDance entered the Indian market in September 2017 through its live-streaming app Vigo Video but gained prominence with the launch of TikTok. ByteDance also launched local-language social media app Helo around the same time.

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