Facebook is taking a $5.7 billion stake into Jio Platforms, the Indian Internet giant, which could birth the next WeChat-style ‘Super-App.’
It’s a game-changer in the Indian Internet and Digital market. Facebook has announced it has invested $5.7 billion into Jio Platforms, the tech subsidiary of multinational conglomerate Reliance Industries.
Jio is an Internet monster in India. It operates broadband, mobile services, and online commerce platforms. It is so big that Facebook, $5.7 billion are only getting it a 10% stake in the company. But that will be enough to make Facebook the largest minority shareholder.
Related | Co-Founders Of Instagram Reunite To Build COVID-19 Tracker
India represents Facebook’s biggest current market for WhatsApp which counts more than 400 million users in the country. In a blog post bylined by chief revenue officer, David Fischer and VP for India, Ajit Mohan, the company says one of the goals of its investment is to tap into opportunities for small businesses, noting that “WhatsApp is so ingrained in Indian life that it has become a commonly used verb across many Indian languages and dialects.”
Facebook and Jio Could Be Building The Next WeChat-style ‘Super-App’
Fischer and Mohan also write that “one focus of our collaboration with Jio will be creating new ways for people and businesses to operate more effectively in the growing digital economy. For instance, 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.”
Reading this, I cannot help but think that this is Facebook’s best move to finally build a ‘super app’ to compete with WeChat, which has more than a billion users and many small businesses using it for payments, promotion, and communication. Something Facebook could not dream of building alone.
Related | WhatsApp And WHO Launch ‘Together At Home’ Sticker Pack
Jio disrupted the Indian market by offering highly discount 4G plans before anyone else, bringing “more than 388 million people online,” according to Facebook’s blog post.
“We are excited about furthering our investment in India’s vibrant digital economy,” Fischer and Mohan write. “Our efforts with Jio will be focused on opening new doors and fueling India’s economic growth and the prosperity of its people. We look forward to working with Jio, and to future collaborations in India to advance this vision.”
You might also like
More from Facebook
Meta Prepares To Launch AI Personas To Retain And Engage Users
According to industry sources, Meta is preparing to launch its AI personas feature in an effort to increase engagement with …
Meta Is Killing Its Messenger For Apple Watch App
Meta announced it will remove the Messenger for Apple Watch app on May 31 “After May 31st, Messenger won’t be available …
Facebook Probably Owes You Money
Meta has agreed to pay out $725 million to Facebook users to settle a class action lawsuit concerning user privacy. If …
Meta Verified Service Goes Live In The US
Want to get the coveted blue verification checkmark on Facebook and Instagram? If you're in the US, now you can. …
Facebook And Instagram Start Selling Blue Checks With Meta Verified
Meta Verified will give you a blue check badge on both Facebook and Instagram, along with other benefits for $12 …
Meta Brings Back #BuyBlack Friday For A Third Year
Meta is bringing back #BuyBlack Friday for a third consecutive year in North America. Meta emphasized the importance of the Holiday …
Facebook Is Giving You More Controls Over What You See On Your Feed
Facebook is introducing new "show more" and "show less" controls to let you adjust what you want to see on …
Meta Introduces Facebook Reels API, Offering An Option To ‘Share To Reels’
Meta has introduced the Facebook Reels API, a solution allowing developers to build a 'share to reels' option into their …
Facebook Gets Into Delivery With DoorDash Partnership
DoorDash is partnering with Meta to pilot Facebook Marketplace deliveries across multiple cities in the U.S. Drivers will only transport items …
