Facebook's investment in Jio Platforms could be key to giving it access to the company's more than 380 million user base as well as the political backing of billionaire Mukesh Ambani, who is chairman of parent company Reliance Industries.
Facebook has made a $5.7 billion investment in Jio Platforms Limited, owned by Reliance Industries, a massive Indian conglomerate.
Narendra Modi, India's prime minister, speaks as Mark Zuckerberg, chief executive officer of Facebook, listens during a town hall meeting at Facebook headquarters in Menlo Park, California.has taken a huge stake in the digital arm of a massive Indian conglomerate, as the U.S. technology giant makes a bigger push into what it sees as one of its biggest growth markets.
"This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country," Facebook said in a blog post on Tuesday. This could include bringing together JioMart, Jio's small business initiative and WhatsApp to connect people to businesses and shops. The move is timely as Facebook is gearing to launch a payments feature for WhatsApp in India.
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