TikTok set to restart e-commerce in Indonesia with $1.5B investment

Transcript

00:00 China's TikTok has agreed to acquire the e-commerce unit of Indonesian tech conglomerate GoTo

00:06 for US$40 million, according to restart its online shopping business in Southeast Asia's

00:14 largest economy.

00:15 TikTok will also invest an additional US$660 million in Tokopedia, Indonesia's biggest

00:22 e-commerce platform, bringing the total investment to US$1.5 billion.

00:28 The partnership aims to create an Indonesian e-commerce champion by combining Tokopedia's

00:33 local presence with TikTok's mass market reach.

00:37 The deal is expected to be consummated by the first quarter of 2024.

00:42 Indonesia's e-commerce industry is projected to reach US$160 billion by 2030.