Facebook Tags Up With Jio: Mark Zuckerberg Shares Insights

Reliance Industries Limited announced this morning that Facebook social media giant has invested Rs 43,574 crore into Jio Platforms. The alliance could probably lead to a multipurpose online shopping app being created. The companies will work closely to ensure customers can reach the nearest kiranas that can deliver goods and services to their homes by using WhatsApp to transact with JioMart.

Facebook founder and CEO Mark Zuckerberg said, “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.”

Mr Zuckerberg (valued at $63.3 billion by business publication Forbes), also thanked Reliance Industries Chairman Mukesh Ambani (valued at $47.5 billion) for the partnership and said he was “looking forward to getting started”.

“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 Indians, small businesses online,” Zuckerberg added.

“My fellow Indians, I’m here to share some exciting news with you. All of us at Reliance Jio are delighted to welcome Facebook Inc. as our partner. At the core of this partnership is a commitment Mark Zuckerberg and I share for the digital transformation of India,” Mukesh Ambani said in response to Mr Zuckerberg, according to news agency ANI.

“This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value,” said Reliance.

WhatsApp has 400 million users in India, its biggest market, reaching nearly 80 per cent of smartphone users in the country.

In his post Mr Zuckerberg pointed out that small businesses – India has over 60 million of these and a significant majority of these use digital payment services like Paytm and Google Pay – were the core of every economy and millions relied on them for employment.

“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,” he said.

For Reliance, whose debt pile swelled to more than $40 billion as of September, the partnership will bring in much needed funds to make good on its promise to cut net debt to zero by March 2021.

With input from Reuters, ANI, NDTV

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