Chinese-owned short video app TikTok has announced a 1.5 billion US dollar 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.
In October, TikTok shut down its online shop in Indonesia after Indonesia banned sales on social media to protect millions of small businesses.
Indonesia’s e-commerce market is dominated by platforms such as Tokopedia, Shopee, and Lazada, but TikTok Shop has gained a significant market share since launching in 2021.
According to company figures, Indonesia, with 125 million users, is TikTok’s second-largest global market after the United States.
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