Social media and technology giant Facebook buys 9.99% stake in Reliance Jio for Rs 43,574 crore. This makes Facebook the largest minority shareholder in Reliance Jio. This is the largest technology sector FDI in India. The investment will value Jio Platforms at Rs 4.62 lakh crore.
Reliance Jio announced this partnership with Facebook on twitter and later a video by Mukesh Ambani and Facebook’s founder Mark Zuckerberg were also published to announce the same.
Recently National Payments Corporation of India (NPCI) approved Facebook owned “Whatsapp” to provide payment services in India like Google Pay, Paytm & PhonePe. Facebook will soon launch Whatsapp Pay in India using which users can make payments directly from their Whatsapp app.
Talking about the partnership between Facebook and Reliance Jio and the role of Whatsapp Pay , Mukesh Ambani said
In the very near future, Jio Mart- Jio’s digital new commerce platform and Whatsapp will empower nearly 3 crore small India Kirana shops to digitally transact with every customer in their neighborhood . This means all of you can order and get faster deliveries of day to day items from nearby local shops. At the same time small kiranas can grow their businesses and create new employment opportunities using digital technologies. And in the days to come this winning recipe will be extended to serve other key stakeholders on Indian society. Our kisans, our small and medium enterprises, our students and teachers, our healthcare providers and above all, our women and youth, who form the foundation of the new India.Mukesh Ambani
Jio Mart is upcoming Online Supermarket to order groceries and all essential items in India, which will be launched soon by Jio.
In a recent Facebook post, Mark Zuckerberg said
There’s a lot going on in the world right now, but I wanted to share an update on our work in India. 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. India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. 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. This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs. With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with — and that’s why we’re partnering with Jio to help people and businesses in India create new opportunities. I want to thank Mukesh Ambani and the entire Jio team for their partnership. We’re looking forward to getting started.Mark Zuckerberg
Apart from this, Reliance Jio is also planning to set up one of the world’s largest Blockchain networks across India. Whereas Facebook is also working on launching its digital currency Libra soon.