TikTok invests more than $1.5 billion in GoTo to revive e-commerce business in Indonesia

Bytedance’s TikTok is investing more than $1.5 billion in a deal with GoTo Group that will allow the Chinese video-sharing app to resume retail operations in Indonesia, one of its most successful e-commerce markets.

The companies said on Monday that TikTok Shop Indonesia and GoTo e-commerce platform Tokopedia will be merged under the existing Tokopedia entity, with TikTok taking a 75% controlling stake.