Facebook announced a massive investment of $5.7 billion in Jio Platforms.
It’s one of the largest overseas investments for the social platform which had bought them a 10% stake of an Indian telecom operator.
The revelation came out through the official Facebook post and since then the news has become a wildfire for the Indian market.
As per the late Tuesday’s announcement, the social media platform is going to get their biggest opportunity for their Whatsapp messaging service. According to Statista, Whatsapp has over 400 million active users in India which is bigger than any country in the world.
Jio Platforms is a subsidiary of the Reliance Industries which is India’s biggest multinational company. Reliance is a major provider of cellular and internet in the country.
And now with this deal, it is clear that it is only the beginning.
Within four years, Reliance has tapped the epicenter of internet access and as a result, the Jio Platform has more than 388 million active users in the country.
With this immense crowd, both Facebook and Jio aim towards bringing new opportunities for the Indian population.
Last week, India’s Economic Times stated the fact that Facebook and Reliance will be launching a new social messaging app in India.
This app will be based on the ‘WeChat Style’ application which has covered massive growth in China. The app has become a major part of messaging, UPI, and investments among people. Also, Jio Platforms is planning to bring out “JioMart”.
An app that connects local and national buyers and sellers and brings a revolution in the business initiatives in the country.
David Fischer who is the chief revenue officer at Facebook along with Ajit Mohan, Facebook’s managing director in India heavily greeted the deal with both hands open.
The fact that millions of small businesses in India are using Whatsapp for communication calls for an easier and faster solution to all their problems.
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With this partnership, both Facebook and Jio will work for the benefits of such ventures to deliver products and services at ease.
Adding to this large-scale plan, Mark Zuckerberg, Facebook’s chief executive, wrote in his post, “The country is in the middle of a major digital transformation, and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online.”
Amid the Coronavirus pandemic hitting hard the globe, many conglomerates and firms are hurt and experienced losses in their first quarter.
On the other hand, tech giants such as Facebook, Apple, and Alphabet find themselves in a strong position as more people have turned toward these services by locking themselves indoors.
