JAKARTA -- Chinese-owned TikTok will invest more than $1.5 billion and take a majority stake in Tokopedia, the Indonesian superapp GoTo's e-commerce unit, the companies announced on Monday.
Business deals
China-owned TikTok to invest $1.5bn in Tokopedia, take 75% stake
Move comes after Indonesia banned direct e-commerce on social media platforms
Chinese-owned TikTok will take a controlling stake in GoTo's Tokopedia unit and will invest over $1.5 billion in the "enlarged entity over time." (Nikkei montage/Source photos by GoTo group and AP)
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