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

Must read

Why A Cougar Probably Won’t ‘Stalk’ You — And What To Do If It Does

Chances are, the cougars aren’t after you.  But you would have been hard-pressed to tell that to Kyle Burgess on Saturday, when...

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...

Games of the Generation: Stardew Valley is a welcome break from the chaos of the world

Games of the GenerationAs we approach the launch of the PS5 and Xbox Series X, TechRadar is looking back at the games that...
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

Satellites picture methane across the globe

The GHGSat company releases a tool to show how methane varies in the atmosphere across the world. Source link

US says Google breakup may be needed to end violations of antitrust law

The Justice Department lawsuit could lead to the break-up of an iconic company that has become all but synonymous with the internet and...

How to Turn Off Your Webcam and Microphone on Zoom

While on a Zoom call, you may want to turn off your webcam’s video and mute the audio from your microphone for a...

US Congresswomen Alexandria Ocasio-Cortez, Ilhan Omar Streamed Among Us in Twitch Debut

US Congresswomen Alexandria Ocasio-Cortez (AOC) and Ilhan Omar went live on game streaming platform Twitch earlier today to play space-themed, multiplayer social deduction...

Speedify VPN review | TechRadar

Making use of a VPN almost always cuts your internet speeds, which is no real surprise given all that encryption overhead.Speedify aims to...
- Advertisement -