Facebook Invests $5.7 Billion In Reliance Jio, Becomes The Largest Minority Shareholder

Must read

How to disable and delete Samsung Pay from your Galaxy phone

When it comes to paying conveniently, Samsung Pay makes using your phone as a bank card an easy process; however, there may come...

How to Hack the Hidden Google Chrome Dinosaur Game

Most of us have seen the dreaded “No Internet” error message on Google Chrome. You can actually turn this screen into a fun,...

Download the new Google TV for Android

In addition to big screens via the new Chromecast, Google TV is also aimed at Android devices. The new Google TV is beginning...

Opera Mini passes 500 million installs on Android

Opera Mini is one of the few applications on Android that predate the existence of Android itself. The web browser got its start...
Bhawani Singhhttps://techmepro.com
I am a blogger who believes in delivering latest tech news from around the world to my viewers.

Facebook has announced an investment of $5.7 billion (INR 43,574 crore) in Jio Platforms Limited, a subsidiary of Reliance Industries.

With the signing of binding agreements, Facebook has a 9.99% stake in Jio, making it the largest minority stakeholder. The investment values by Facebook values Jio Platforms at $65.95 billion (₹ 4.62 lakh crore).

Facebook CEO Mark Zuckerberg said in a Facebook post, “Facebook is teaming up with Jio Platforms — we’re making a financial investment, and more than that, we’re committing to work together on some major projects that will open up commerce opportunities for people across India.”

Additionally, WhatsApp and Reliance Retail have also entered into a commercial partnership agreement that aims to bring the messaging platform and Reliance Retail’s JioMart together. Mukesh Ambani welcoming Facebook as a partner explained in a video that both companies share the commitment of an “all-around digital transformation of India.”

The transformation mainly focuses on enabling small businesses, small merchants and farmers by developing new ways to operate through platforms provided by Facebook and Reliance. WhatsApp is an already a widespread platform in India with over 400 million users. The platform is also used by small business like the kirana shop owners to be in touch with customers and even suppliers, while Reliance’s JioMart is a project by the company for small businesses and small merchants in India.

Now, these will be brought together as Facebook’s chief revenue officer David Fischer and VP for India Ajit Mohan explains, “by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience.”

The Economic Times had already reported last week that Facebook and Reliance wanted to create a WeChat-like app for India. By the looks of it, it looks like the companies are going for a muli-purpose platform for small businesses as Jio explains in a press release that the companies will “ensure that consumers are able to access the nearest kiranas who can provide products and services to their homes by transacting seamlessly with JioMart using WhatsApp.”

SourceMashable

More articles

Leave a Reply

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

- Advertisement -

Latest article

Google Maps adds EV route planning feature that’ll be familiar to Tesla drivers

When planning a long trip with an electric car, finding charging stations can be cumbersome. Unless you have a Tesla, that is. They...

Fujifilm’s New Mirrorless Camera is Tiny Enough to Fit in My Shirt Pocket – Review Geek

FujifilmOne of the only reasons to use a point-and-shoot camera over a more powerful mirrorless camera with interchangeable lenses is size. But Fujifilm...

Xbox Series X stock will be ‘constrained’ until at least March 31, Microsoft admits

If you've been searching for Xbox Series X stock or looking where to buy Xbox Series S, Microsoft has conceded that supply of...

Microsoft Surface Pro X to Get SQ2 Chip Upgrade, Platinum Colour Option: Report

Microsoft Surface Pro X, the company's ARM-powered tablet, is reportedly getting a refresh with an upgraded Microsoft SQ2 processor, a new platinum colour...
- Advertisement -