Facebook invests $5.7B in Indian telecom Jio

by admin on Apr 22, 2020
Image Source : Facebook

Facebook on Tuesday disclosed that it would certainly make a $5.7 billion investment in India’s Jio Platforms, making it the telecommunications giant’s biggest minority investor at virtually 10%. The business, which is a subsidiary of Reliance Industries, has brought 388 million people online in less than 4 years, making it the nation’s most significant carrier.

The social media network attempted to bring internet access to the country back in 2016. However, it was banned from going against web neutrality policies.

This time around, it intends to utilize its WhatsApp messaging solution, which has greater than 400 million customers in India, to make electronic repayments at Jio-owned stores.

“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,” David Fischer, Facebook’s Chief Revenue Officer, and Ajit Mohan, it’s vice president, and managing director for India, wrote in a blog post.

Source: Cnet