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TikTok is investing $1.5 billion to buy a controlling stake in GoTo's shop in Indonesia. If the deal is successfully pushed through, TikTok Shop will be able to reopen in the Indonesian market.
TikTok's latest investment is the e-commerce division of PT GoTo Gojek Tokopedia, the largest tech firm in the country, which would create a tie-up that is expected to last long-term. The companies confirmed the deal on Monday, Dec. 11.
Impending Reopening of TikTok Shop
The stake acquisition deal comes several months after the Indonesian regulator ordered a ban on online shopping on all social media platforms. The officials explained that it had implemented the ban as a way of protecting smaller local merchants while safeguarding users' data at the same time.
As a result, TikTok was forced to shut down its TikTok Shop e-commerce service in the country. According to Reuters, ByteDance's TikTok unit agreed to pay $1.5 billion for a joint venture with the GoTo Group. This will allow the Chinese short-form video hosting service to resume its e-commerce business in Indonesia.
TikTok will also comply with all regulations to avoid any issues in the future that may lead to another shutdown as it reopens its TikTok shop. "The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators," TikTok and GoTo said in a joint statement.
Resolution to Protect Smaller Merchants
As TikTok and GoTo joined forces for e-commerce business in Indonesia, they said they would also help the smaller sellers by promoting Indonesian products on their respective platforms. They said that this plan will help local small and medium-sized businesses develop their production and sales strategies, according to BBC News.
Meanwhile, based on the agreement, TikTok will purchase 75.01% of GoTo's PT Tokopedia. It will also invest in TikTok Shop's Indonesian business when it merges with Tokopedia.
