ByteDance Ltd., the Chinese owner of the popular short video sharing app TikTok, intends to invest $1.5 billion in Indonesia's GoTo, which manages the country's well-known online trading platform Tokopedia.
This move will help TikTok return to the Indonesian e-commerce market, reports "Interfax-Ukraine".
Earlier, in October, TikTok stopped online trading in Indonesia due to new rules that limit trading through social networks and allow it only on specialized websites.
Under the terms of the deal, the TikTok online store in Indonesia will be integrated with Tokopedia and will operate under the latter's brand.
TikTok will acquire a 75% stake in Tokopedia and provide funding for its further development. It is worth noting that Indonesia is the second-largest market for TikTok after the United States, with 125 million users.
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