[FILE] This photograph taken in Mulhouse, eastern France on October 19, 2023, shows figurines next to the logo of the social media video sharing app Tik Tok reflected in mirrors. (Photo by SEBASTIEN BOZON / AFP)
Chinese-owned short video app TikTok on Monday announced a $1.5 billion investment in GoTo group in a deal that would allow it to restart its online shop in Indonesia, the companies said in a statement.
Under the deal, TikTok Shop will be merged into GoTo’s Tokopedia, and TikTok will have a controlling stake in that entity.
“TikTok has committed to invest over US$1.5 billion in the enlarged entity over time, to provide future funding required by the business, without additional dilution to GoTo,” the Indonesian firm said.
“TikTok, Tokopedia and GoTo will transform Indonesia’s e-commerce sector, creating millions of new job opportunities over the next five…
