As reported by Reuters, TikTok has successfully completed its acquisition of a controlling stake in Tokopedia, Indonesia's largest e-commerce platform. The deal, valued at$840 million, allows the social media giant to re-enter the online shopping market in Indonesia. The agreement, confirmed by Indonesian tech conglomerate GoTo, reveals that TikTok purchased 75.01% of Tokopedia.

This acquisition is a strategic move by TikTok to regain its presence in Indonesia's e-commerce industry. TikTok had to close its e-commerce service, TikTok Shop, in Indonesia following the country's ban on online shopping through social media platforms. The ban, implemented in September, aimed to safeguard smaller merchants and users' data. To consolidate its operations, TikTok has injected TikTok Shop's Indonesia business into the enlarged Tokopedia entity.

With access to TikTok's large user base, MSMEs can expand their reach and drive growth. GoTo Group CEO Patrick Walujo expressed optimism about the partnership, noting that it is a major step forward for the GoTo Group.

The deal highlights the adaptability and dynamism of the tech industry as companies navigate changing regulations and seek strategic partnerships to expand their presence in new markets.