YOGYAKARTA TikTok has just announced a strategic partnership with PT GoTo Gojek Tokopedia Tbk (GoTo). As part of the partnership, the TikTok Shop business officially joins Tokopedia.
PT GoTo Gojek Tokopedia Tbk (GoTo) as the parent of Tokopedia said that the joining of the TikTok's e-commerce platform with Tokopedia is a strategic partnership to strengthen digital economic growth in Indonesia.
"Tokopedia and TikTok Shop Indonesia business will be combined under PT Tokopedia, where TikTok will have control over PT Tokopedia. Shopping service features in the TikTok application in Indonesia will be operated and managed by PT Tokopedia," Goto said in a press release, Monday, December 11, 2023, quoted by VOI.
TikTok is said to have disbursed funds amounting to 1.5 billion US dollars or around Rp. 24.3 trillion to control GoTo's e-commerce unit.
The funds were used to buy 75.01 percent of GoTo's Tokopedia shares for $840 million and inject the TikTok Shop business in Indonesia into a larger Tokopedia entity.
"TikTok has invested more than 1.5 billion US dollars, as a long-term commitment to supporting Tokopedia's operations, without further dilution on GoTo's ownership in Tokopedia," GoTo said.
The agreement is expected to be completed in the first quarter of 2024. Both parties will form a committee to facilitate the transition and integration known to GoTo CEO Patrick Walujo, with the support of representatives of PT Tokopedia and TikTok. In this investment agreement, Goldman Sachs an investment company from the United States was appointed as a financial advisor to the GoTo Group.
TikTok Shop Indonesia's strategic partnership with Tokopedia will begin with a trial period carried out with consultations and supervision from related Ministries and institutions. The program that will be launched during the cob test period is the Local Buying campaign. The program started on December 12, 2023, coinciding with National Online Shopping Day (Harbolnas).
"In the Tokopedia and TikTok apps, the Local Buying Campaign will promote various types of merchants, with a main focus on products from Indonesia. Local Buying Programs on the TikTok app will allow TikTok users to shop and interact with their favirit products," GoTo said in an official statement.
More than 90 percent of merchants are listed as Micro, Small and Medium Enterprises (MSMEs) actors. Through this strategic partnership, they will receive program support from TikTok Shop and Tokopedia, in the form of:
"TikTok, Tokopedia, and the GoTo Group are committed to providing wider benefits for MSME players in Indonesia by utilizing the e-commerce platform and encouraging the creation of millions of new jobs," said GoTo.
For additional information, all sales partner buying and selling activities on the Tokopedia platform will continue as usual.
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