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Report: Bytedance starts fundraising round to raise US$3B

Chinese technology company Beijing Byte Dance Telecommunications Co. Ltd. has started a fundraising round that could value the firm at nearly US$75 billion, The Wall Street Journal reported, citing people familiar with the matter.

Bytedance is reportedly looking to raise around US$3 billion and utilize the proceeds for global expansion and work on its apps domestically.

The company owns Chinese news aggregation app Jinri Toutiao and short video app Tik Tok.

Bytedance has been in touch with international investors for this funding round, the people said.

A valuation of US$75 billion could make it one of the most valuable private technology companies, ahead of ride-sharing giant Uber Technologies Inc., according to the report.

The amount to be raised may however, change, with no guarantee of achieving the targeted valuation.

The development comes at a time the company is facing regulatory challenges. Tik Tok was earlier banned in Indonesia for inappropriate content. This was later lifted.

Tencent Holdings Ltd. filed a lawsuit against Bytedance in June, for defamation.