TikTok will take a controlling stake in the e-commerce unit of GoTo Gojek Tokopedia, a partnership that will see TikTok invest US$1.5 billion (S$2 billion) over the long term, the two companies said on Dec 11.
The social media giant will combine its Indonesian TikTok Shop business with GoTo's e-commerce unit Tokopedia.
TikTok gets a 75 per cent stake in that combination, which will run the shopping features of TikTok's social media app in Indonesia.
With the new deal, TikTok users in Indonesia can once again shop and pay for their purchases with out leaving the super-popular video app, according to a message the company sent to merchants.
That is because the shopping component is now owned by a separate entity, Tokopedia.
The shopping service will relaunch on Dec 12.
The deal is unusual for ByteDance, which is effectively taking Dance, which is effectively taking over a prominent local onlinecommerce player in a major overseas market.
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