TikTok Announces $1.5 Billion Investment to Revive E-Commerce in Indonesia 🇮🇩

TikTok to Invest $1.5 Billion , to Restart E-Commerce in Indonesia.<br />In October, Indonesia banned social media platforms from offering online shopping, which forced the popular video sharing app to shutter TikTok Shop, CNN reports. .<br />But now, TikTok has announced that it will become controlling shareholder of GoTo Gojek Tokopedia, the country's largest e-commerce platform.<br />It will then "inject TikTok Shop" <br />into the larger Tokopedia entity. .<br />TikTok has committed to invest over <br />$1.5 billion in the enlarged entity over time, <br />to provide future funding required by the <br />business, without additional dilution to GoTo, TikTok and GoTo, via statement.<br />The strategic partnership will commence <br />with a pilot period carried out in close <br />consultation with and supervision <br />by the relevant regulators, TikTok and GoTo, via statement.<br />TikTok will give Tokopedia a $1 billion <br />promissory note for working capital needs.<br />The deal is expected to be <br />finalized by Q1 2024.<br />By the year 2030, Indonesia's e-commerce <br />industry is expected to grow to $160 billion.<br />This year, the industry was <br />worth about $62 billion.