TikTok to Invest More Than $1.5 Billion in GoTo to Restart Indonesia E-Commerce Business

Bytedance’s TikTok will invest 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 Monday that TikTok Shop Indonesia and GoTo’s Tokopedia e-commerce platform will be combined under the existing Tokopedia entity, with TikTok taking a 75% controlling stake.