Facebook Invests 5.7 Billion USD In Reliance Jio

April 22, 2020 09:24
Facebook Invests 5.7 Billion USD In Reliance Jio

Facebook Invests 5.7 Billion USD In Reliance Jio:- Social media giant Facebook announced an investment of 5.7 billion USD in Reliance Jio making the largest minority shareholder in the platform of Reliance Jio. Facebook has been working on the collaborations for its messaging platform WhatsApp to venture into small businesses and it felt that Reliance Jio would be the best platform to enable people to connect. Facebook will enjoy a 9.99% equity stake in Jio Platforms said Jio in a statement. After Google Pay and Paytm have been making waves in digital payment services in India, WhatsApp wanted such a secured platform after which it decided to tie up with Jio.

WhatsApp has 40 million users in India with 80% of smartphone users using WhatsApp. Though the plans to collaborate have been on from some time, they got delayed because of the halted travel bans due to coronavirus. Facebook is said to be investing Rs 43,574 crores for the 9.99% stake in Jio. Reliance Industries Limited Chairman Mukesh Ambani and Facebook CEO Mark Zuckerberg will release separate video statements about this new partnership. Facebook believes that this deal will help them battle Chinese apps like Tiktok. Mark Zuckerberg says that this collaboration would boost up the digital economy. This partnership helps the people to connect with businesses, shops and others to purchase products in a seamless mobile experience.

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Facebook  Reliance Jio  Facebook and Jio