Introduction
TikTok India is a subsidiary of ByteDance, a multinational internet technology company headquartered in Beijing. The short-form video app was launched in India in 2017 and quickly gained popularity among the youth. The app went viral and became a craze among the Indian audience. It allowed users to create and share short videos with a wide range of music, filters, and editing tools.
History
TikTok India has a short but eventful history. The app launched in India in April 2017 and within a year, it had amassed over 20 million users in the country. In 2018, TikTok faced a ban in India for a short period due to concerns over the app’s inappropriate content. However, the ban was lifted after the app made appropriate changes to its content moderation policies. In 2020, TikTok India was again banned along with 58 other Chinese apps due to national security concerns.
Funding and Investors
ByteDance, the parent company of TikTok, has raised over $20 billion in funding since its inception in 2012. In 2018, the company was valued at $75 billion after a successful round of fundraising. The investors in ByteDance include Sequoia Capital, General Atlantic, and KKR. TikTok India, on the other hand, was acquired by ByteDance in 2017 for an undisclosed amount.
Performance
TikTok India had become one of the most popular apps in India with over 119 million active users as of 2019. The app had a huge following among the youth and was a platform for budding creators to showcase their talent. According to Sensor Tower, TikTok was the most downloaded app in India in October 2020.
Layoffs
In a shocking turn of events, TikTok India announced the layoff of its entire staff of 40 employees in Mumbai on 2nd October 2023. This news came as a surprise to many as the app was slowly regaining popularity after the 2020 ban. The reason for the layoffs is still unclear, but it is speculated that the company is restructuring its operations in India.
Statement from Stakeholders
ByteDance released a statement saying, “As part of our ongoing commitment to optimize global operations, we have consolidated some of our offices and teams. As a result, we have made the difficult decision to let go of our TikTok India team. We are grateful for their contributions to TikTok’s success in India, and we wish them the best for their future endeavors.”
Conclusion
In conclusion, TikTok India had a short but eventful history in India. The app was immensely popular among the youth and had created a platform for creators to showcase their talent. The reason for the layoffs is still unclear, but it is evident that the company is undergoing a restructuring process. It remains to be seen what the future holds for TikTok India in the competitive Indian market.
