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Chinese Investor Bytedance Exits Daily Hunt, Josh Parent VerSe Innovation
The company sold its stake to Canadian investors during VerSe’s fundraising
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Parent company to the popular short-video app TikTok, Bytedance, has exited Dailyhunt and Josh's parent company VerSe Innovation Privated Limited. The Chinese company sold its stake to Canadian investors, Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers‘ Pension Plan Board (OTPP), during VerSe USD 805 million fundraisings last month which valued the company at $5 billion, reported Mint.
India tightened rules on foreign direct investment, mandating prior government approval for investments from bordering countries, in April 2020, to prevent hostile and opportunistic takeovers of Indian companies. Bytedance's short video sharing application, TikTok, was amongst the 58 applications banned by the Indian government in June 2020 over fears of the Chinese government accessing Indian user data.