One of the fastest-growing Chinese media startup ByteDance is looking to raise an amount of $3 billion to continue its proper growth for its empire which is having the mobile-based entertainment apps, which include news aggregator Toutiao and video platform Tiktok as well.
The company is already in a position to raise an amount of $2.5 billion to $3 billion, according to a source. That investment round could value ByteDance to be more than the $75 billion, although the source stressed that the valuation is a target and it might not be reached to a certain level.
It’s audacious, but if that lofty goal is reached then ByteDance would become the world’s highest-valued startup ahead of the likes of Didi Chuxing ($56 billion) and Uber ($62 billion). Only Ant Financial has raised at a higher valuation, but the company is an affiliate of Alibaba and therefore not your average ‘startup.’
ByteDance which is also best-known for Toutiao, is also the news aggregator app that claims to have more than the 120 million daily users, while it also operates a short-video platform which is known as the Douyin. The latter is known as TikTok overseas and it counts 500 million active users. TikTok recently merged with Musical.ly, the app that’s popular in the U.S. and was acquired by ByteDance for $1 billion, in an effort aimed at combining both userbases to create an app with global popularity.
The firm also works as an international video of Toutiao, which includes the TopBuzz and NewsRepublic while it is an investor in streaming app Live.me.
ByteDance had its knuckles rapped by specialists toward the start of the year after it was regarded to have deficiently policed content on its stage. At that point in April, its ‘Neihan Duanzi' joke application was covered after an administration arrange while Toutiao was incidentally expelled from application stores. It returns days after the fact after the organization had developed its substance group to 10,000 staff and conceded that some substance it had facilitated “did not accord with center communist qualities and was not a decent guide for general feeling.”
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