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TikTok deal gives Tokopedia a third chance at success

Claudia Chong

Claudia Chong

Published Wed, Dec 20, 2023 · 05:00 AM
    • By ceding operational control of Tokopedia to TikTok, GoTo is handing the reins over to a high-growth player with a stable of private equity investors ready to fund it.
    • By ceding operational control of Tokopedia to TikTok, GoTo is handing the reins over to a high-growth player with a stable of private equity investors ready to fund it. PHOTO: REUTERS

    AFTER several quarters of share price decline, Indonesia’s biggest tech company GoTo has found a way to boost its languishing e-commerce unit.

    On Dec 11, the group, which is listed on the Indonesia Stock Exchange, announced that it was effectively ceding operational control of Tokopedia to social media giant TikTok.

    Tokopedia and TikTok Shop Indonesia will merge under the Tokopedia name. TikTok will take a 75.01 per cent stake in the resulting entity, with GoTo owning the rest.

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