TikTok to Spend $1.5 Billion Taking Over GoTo’s Indonesia Shop
- Chinese firm will combine its shopping business with GoTo unit
- TikTok has used Indonesia as template for global shopping push
ByteDance Ltd.’s TikTok agreed to invest $1.5 billion in a joint venture with Indonesia’s GoTo Group that it will control, part of a pact that lets the Chinese company restart its shopping app in its biggest online-retail market.
The social media giant will combine its Indonesian TikTok Shop business with GoTo’s e-commerce unit Tokopedia, the companies said Monday. TikTok gets a 75% stake in that combination, which will run the shopping features of TikTok’s social media app in Indonesia. GoTo fell 20% in Jakarta, the most since its listing in 2022, on concerns it’s moving away from a potentially lucrative long-term business.