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Business & Finance Print edition: 2023-12-12

TikTok announces $1.5bn deal to restart Indonesia online shopping business

Published December 12, 2023 Updated December 12, 2023 05:28am
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By AFP
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JAKARTA: 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 indonesia online shopping GoTo's Tokopedia

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