TikTok to invest $1.5 billion in GoTo group, merging TikTok Shop into Tokopedia, restarting online shopping business in Indonesia.
TikTok Invests $1.5 Billion in GoTo Group
Chinese-owned short video app TikTok announced a $1.5 billion investment in GoTo group, enabling it to restart its online shop in Indonesia. The investment will allow TikTok to merge its TikTok Shop into GoTo’s Tokopedia, giving TikTok a controlling stake in the entity. According to a statement by the Indonesian firm, TikTok has committed to investing over $1.5 billion in the newly enlarged entity over time without additional dilution to GoTo.
Transformation of Indonesia’s E-commerce Sector
The strategic partnership between TikTok, Tokopedia, and GoTo aims to transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five years. The deal is expected to commence with a pilot…
