Amid Govt Crackdown On Chinese Firms, ByteDance Exits DailyHunt Parent

Amid Govt Crackdown On Chinese Firms, ByteDance Exits DailyHunt Parent

SUMMARY

ByteDance sold its entire stake to new investors Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan Board (OTPPB)

Starting June 2020, the Indian government has so far banned 277 China-originated apps operating in the country

Some companies that have seen the exit or reduction in the stake of Chinese investors include Paytm Mall, KreditBee, Zomato, among others

As VerSe Innovation planned to expand its leadership in the homegrown social media market, it had raised $805 Mn at a valuation of $5 Bn in April 2022. In the same round, TikTok-backer ByteDance had reportedly exited the company.“We at VerSe Innovation confirm that ByteDance has fully exited our cap table. We are probably amongst the few unicorns in the country with 0% Chinese shareholding on our cap table,” a VerSe Innovation spokesperson told Inc42.

According to a Mint report, ByteDance sold its entire stake to new investors Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan Board (OTPPB).

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