Reliance Jio platforms, Reliance Industries, and Facebook have signed an agreement On Wednesday. Facebook has announced the signing of the agreement. Facebook Adds Reliance Jio Friend 9.99% Stake.
Investment Of Rupees 43,574 Crore:
Facebook has invested 43,574 rupees on this agreement. In the dollar, it is almost $5.7 billion. The investment from Facebook into Jio Platforms will translate to a 9.99% equity stake. Reliance Jio is a subsidiary of the Reliance Industry. It provides digital services to users and connects 388 million customers.
Facebook Adds Reliance Jio Friend 9.99% Stake:
In a release, it was highlighted that the investment by Facebook is the largest investment for a minority stake by a technology company anywhere in the world. The investment is said to be the largest foreign direct investment in the technology sector of India.
Jio Among Top 5 Companies In India:
The investment value of Reliance Jio is among the top 5 in India. Reliance Industry said they received this feat within three and a half years of the launch of commercial services.
Jio, Reliance Retail, And WhatsApp:
Mukesh Ambani announced in a press release that Reliance Jio, Reliance Retail, and WhatsApp has entered into a commercial partnership. This partnership will further accelerate Reliance Retail’s new commercial business on the JioMart platform using WhatsApp.
What The Partnership Will Do:
The partnership intends to support small businesses on WhatsApp with the companies said to work closely to ensure consumers can access services of the small kiranas by transacting seamlessly with JioMart using WhatsApp.
Reliance And Facebook To Focus On 60 Million Small Businesses:
In a separate release, Facebook said that it is focusing on the collaboration with Reliance Jio would be for creating new paths for people and for “businesses to operate more effectively in the growing digital economy.”
The company highlighted that its goal is to enable new pathways for businesses of all sizes but the special focus will be on the 60 million small businesses across India.
“They account for the majority of jobs in the country, and form the heart and soul of rural and urban communities alike,” Facebook said in the release. “In the face of the coronavirus, it is important that we both combat this global pandemic now, and lay the groundwork to help people and businesses in the years to come.”