TikTok is set to acquire a majority stake in PT Tokopedia, Indonesia’s largest e-commerce platform, through a deal worth $840 million, marking a significant partnership.
This move comes after Indonesia’s prohibition of social media-based online shopping, compelling TikTok to halt its e-commerce service, TikTok Shop.
As part of the agreement, TikTok will secure a 75.01% ownership of PT Tokopedia and integrate TikTok Shop’s Indonesian operations into the expanded Tokopedia entity.
The companies emphasized a strategic partnership beginning with a trial phase under the guidance and supervision of relevant regulators.
The joint statement highlighted Indonesia’s vast population, exceeding 270 million, with a substantial portion actively engaged in social media. Specifically, TikTok boasts 125 million users within the country.
Source-CNBC
