TikTok to Invest $1.5 Billion to Restart E-Commerce in Indonesia

Video Credit: Wibbitz Top Stories
Published on December 11, 2023 - Duration: 01:30s

TikTok to Invest $1.5 Billion to Restart E-Commerce in Indonesia

TikTok to Invest $1.5 Billion , to Restart E-Commerce in Indonesia.

In October, Indonesia banned social media platforms from offering online shopping, which forced the popular video sharing app to shutter TikTok Shop, CNN reports.

.

But now, TikTok has announced that it will become controlling shareholder of GoTo Gojek Tokopedia, the country's largest e-commerce platform.

It will then "inject TikTok Shop" into the larger Tokopedia entity.

.

TikTok has committed to invest over $1.5 billion in the enlarged entity over time, to provide future funding required by the business, without additional dilution to GoTo, TikTok and GoTo, via statement.

The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators, TikTok and GoTo, via statement.

TikTok will give Tokopedia a $1 billion promissory note for working capital needs.

The deal is expected to be finalized by Q1 2024.

By the year 2030, Indonesia's e-commerce industry is expected to grow to $160 billion.

This year, the industry was worth about $62 billion.


You are here


💡 newsR Knowledge: Other News Mentions

TikTok

Video-focused social media platform
Pop icon Lady Gaga has denied rumours she is expecting her first child with her boyfriend Michael Polansky in a TikTok video.
Credit: Sky News - Published 1 week ago

TikTok has taken measures to stop a cyber attack targeting several brand and celebrity accounts, including news network CNN.
Credit: Sky News - Published 1 week ago

Lady Gaga does not have a bun in the oven -- even though a lot of people thought she did based on some pics of her that went around this week ... over which..
Credit: TMZ.com - Published 1 week ago


Related videos from verified sources

ByteDance Offers Investors a Share Buyback at $268 Billion Valuation 01:30
Video credit: Wibbitz Top Stories - Published on December 6, 2023 

You might like