Facebook invests $5.7B in Indian telecom Jio
Facebook is expanding its reach in India.
Angela Lang / CNET
Facebook on Tuesday uncovered that it had made a $ 5.7 billion investment in Indian Jio platforms, making it the largest minority shareholder in the telecommunications giant, at almost 10%. The company, a subsidiary of Reliance Industries, has brought 388 million people online in less than four years, making it the country’s country largest airline.
The social network tried to bring internet access into the country in 2016, but was banned Violation of the rules on net neutrality.
This time they hope to use their WhatsApp messaging service with more than 400 million users in India to make digital payments in Jio’s own stores.
“By merging JioMart, Jio’s small business initiative, with the power of WhatsApp, we can empower people to connect with businesses, buy and ultimately buy products in a seamless mobile experience,” said David Fischer, Chief Revenue Officer of Facebook, and Ajit Mohan. His vice president and general manager for India wrote in a blog post.
