TikTok is nearing a deal to invest in an Indonesian technology company in a push to resuscitate its ecommerce business in its biggest market after the Chinese-owned group was forced out this year.
The Beijing-based video app, which was made to suspend TikTok Shop in September after Indonesian government rules kicked in, is in advanced negotiations to invest in the ecommerce unit of Jakarta-listed GoTo, known as Tokopedia. The deal could be completed as early as this month, two people familiar with the negotiations said.
GoTo is a national technology champion in Indonesia with ride-hailing, food delivery and financial services operations in addition to its ecommerce business.
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