(Yicai Global) Aug. 25 -- Instagram Reels, Singaporean Cheez, and Indian apps could become the second-best options for TikTok in India if the reported bidders, including India's richest man and Microsoft, fail to purchase the banned Chinese video app.

Nearly two-thirds of urban Indians said that they would be likely or very likely to use non-Chinese video apps in the absence of the popular platform that was banned in its largest overseas market almost two months ago, according to market research firm YouGov's report published on Aug. 14.

Facebook's Instagram Reels topped the list of the best alternatives, followed by Cheez. Indian apps MoJ, Gaana Hotshots, Josh, and Taka Tak were also among the popular options for the app that used to have more than 200 million users in India.

However, over 60 percent of the Indian survey participants said that they still hope that the ban will be lifted. The Indian government blocked nearly 60 Chinese apps in the county in late June, citing national security concerns.

Indian conglomerate Reliance Industries, chaired by Mukesh Ambani, has contacted TikTok's parent company ByteDance Technology since late July to discuss buying the Beijing-based firm's Indian video business, TechCrunch reported on Aug. 13, citing two insiders.

The negotiations between the two sides are still in the early stages so it is difficult to know the specific details, Sha Jun, co-founder of Yingke Law Firm’s investment service center in India, told Yicai Global.

Reliance Industries could proceed in two ways, according to Sha. The Mumbai-based firm could buy TikTok's equity and enjoy dividends. The second option is that the Chinese parent could spin it out so that the former could take over the platform with its original name.

Unlike the scattered US video market, TikTok dominates the field in India, Sha said, adding that TikTok cherished the Asian market, which has made other companies realize its unique value.

Washington-headquartered Microsoft has also shown interest in purchasing TikTok's overseas operations in Europe and India, according to earlier media reports.

Editor: Emmi Laine