Facebook: invests 5.7 billion dollars in India's Jio
(CercleFinance.com) - Facebook is making a 5.
7 billion dollar investment in Jio Platforms, the digital arm of Indian conglomerate Reliance, making the social network company its largest minority shareholder.
Facebook said the collaboration with Jio will focus on enabling new opportunities for the over 60 million small businesses across India.
The Menlo Park, California-based company said it plans to work with Jio on creating "new ways" to operate in the digital economy.
The companies said they are considering merging JioMart, Jio's small business initiative, with Facebook's messaging platform WhatsApp to enable mobile shoppers to connect with businesses.
India is home of the largest communities, both for Facebook and WhatsApp, Facebook CEO Mark Zuckerberg said.
"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," he noted.
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