Photo credit: Triller

Triller, the popular music video app and TikTok competitor, is on the verge of securing at least $200 million in new funding, according to a report from Fox Business, which states that the Los Angeles-based company has commitments of between $200 million to $300 million in new funding from investors. According to the report, Farvahar Partners, a boutique investment bank, is arranging the fundraising efforts for Triller.

The news of Triller raising new funding notably comes on the heels of reports of Chinese technology company ByteDance looking to divest its popular TikTok app at a valuation of up to $50 billion. TikTok is facing ever-increasing scrutiny from U.S. regulators that’s traceable to its Chinese origins. This has made the app’s developer, ByteDance Technologies, to consider relinquishing its sole control.

Just this month, Triller announced it hit 50 million monthly active users, a 600% year-over-year increase. The social app has apparently greatly benefitted from the recent ban of dozens of apps including TikTok in India. Following the ban, 120 million TikTok users in the country scrambled for new similar apps and apparently flocked to others including Triller in the process. It’s such that Triller now ranks as a major social app in the country.

Since its inception up until now, Triller has subsisted on $37 million in funding from investors. Investors in the company include the likes of Lowercase Capital, Proxima Media, and Carnegie Technologies.