- Japan-based Softbank Group has initiated the talks between both the companies.
- Softbank is the early investor in Glance's parent company InMobi Pte. and TikTok's parent ByteDance.
- In December 2020, Glance had crossed $1 billion valuation after raising $145 million in funding from Google and Mithril Capital.
Months after the TikTok ban, Its parent company ByteDance Ltd. is reportedly planning to sell the TikTok India business to rival Glance, which recently became a unicorn after raising $145 million in funding.
According to the Bloomberg report, Japan-based Softbank Group has initiated the conversation between both the parent companies. If this happens, ByteDance may be able to bring TikTok back to India. However, the news is not officially confirmed by both companies.
Since the TikTok ban, Japanese conglomerate Softbank Group, which owns a minority stake in ByteDance, reportedly tried to engage with companies like Reliance Jio Infocomm and Bharti Airtel, to sell TikTok India business.
Softbank Group is the early investor in Glance's parent InMobi Pte. and TikTok's parent ByteDance Ltd.
Besides ByteDance, PUBG Corporation is also trying hard to bring PUBG Mobile back to India. Although in a recent note, the Indian government has clarified that the ban on Chinese apps will be continued. Therefore, the government is very unlikely to unban any of the Chinese application, which it banned last year.
The action on Chinese applications including TikTok, Baidu, Xender, started in June 2020. Initially, the IT Ministry had banned 59 Chinese apps such as TikTok, Shareit, Mi Video Call, Club Factory, and Cam Scanner, in the interest of national security and sovereignty.
Later in August 2020, Around 118 Chinese apps got banned including PUBG Mobile, CamCard, Applock, DualSpace, among others. The ban was imposed under section 69A of the Information Technology Act after learning that the apps were engaged in prejudicial activities. Bloomberg first reported the story.