TikTok is teaming up with Indonesian tech giant GoTo to revive its online shopping venture in Indonesia, investing over $1.5 billion in the country’s top e-commerce platform, Tokopedia.
Following a shutdown in compliance with new regulations, TikTok will acquire just over 75% of Tokopedia, integrating its Indonesian business.
The joint venture aims to support local businesses, promote Indonesian products, and navigate regulatory concerns.
This move comes after the Indonesian government banned social media-based online shopping, impacting TikTok’s significant user base of 125 million in the country.
The collaboration seeks to navigate these challenges and contribute to Indonesia’s booming e-commerce market. (Source: BBC)
https://www.bbc.com/news/business-67678703