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TikTok Invests $1.5 Billion in Indonesia’s Tokopedia – PYMNTS.com

TikTok is reportedly investing $1.5 billion in Tokopedia to salvage its Indonesian eCommerce efforts.The company is set to take a controlling 75.01% stake in Tokopedia, the eCommerce arm of Indonesia’s GoTo Group, according to a letter Monday (Dec. 11) to GoTo investors seen by the Financial Times (FT).Under the deal, Tokopedia will acquire TikTok Shop’s Indonesia business for $340 million, the report said. PYMNTS has reached out to both companies for comment but has not yet received a reply.The news follows reports from last month that TikTok — owned by China’s ByteDance — was considering an investment in GoTo after new regulations in Indonesia put its eCommerce ambitions there at risk.Indonesia in September announced… 

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