TikTok to invest $1.5 billion in GoTo's Indonesia e-commerce business

FILE PHOTO: The TikTok app logo is seen in this illustration taken August 22, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

JAKARTA (Reuters) -TikTok will take a controlling stake in an e-commerce unit of Indonesia's biggest tech firm PT GoTo Gojek Tokopedia, a partnership that will see the short video app invest $1.5 billion over the long term, the two companies said on Monday.

The deal comes after Indonesia in October banned online shopping on social media platforms to protect smaller merchants and users' data, forcing TikTok to close its e-commerce service TikTok Shop.