Chinese media startup ByteDance is looking to raise as much as $3 billion to continue growth for its empire of mobile-based entertainment apps, which include news aggregator Jinri Toutiao and video platform Tiktok.
The Beijing-based startup is in early-stage talks with investors to raise $2.5 billion to $3 billion, according to a people familiar with the matter, which could value ByteDance as high as $75 billion. That valuation, if reached, would make ByteDance the world’s highest-valued startup.
Earlier this week, the Financial Times reported that ByteDance is keen to go public in Hong Kong with an IPO which could happen as soon as next year.
ByteDance is best-known for Toutiao, its news aggregator app that claims 120 million daily users, while it also operates a short-video platform called 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.