Facebook, Inc (NASDAQ:FB) has taken the bold step of investing in Jio platforms. It is a deal that has witnessed the business guru channel almost $5.7 billion in this subsidiary of Reliance Industries found in India.
Jio has, over the years, focused on the delivery of mobile and broadband services.
The recent move by the social media giant is a major boost for the business, and that is considering that it will help it revamp its service delivery. Facebook channels the funds in the business, a move that gives it a 10 percent stake. It will stand out as the biggest minor shareholder in the progressive business.
Facebook says that its massive WhatsApp userbase is a good thing. According to the social media giant, this userbase is a real showcasing of its strong grip in India, and it expects to do much more in a bid to expand that footprint.
Reports indicate that over 400 million Indians trust the app developed by Facebook and that they use it daily.
The new business collaboration will see the two businesses focus on the development of some better ways of doing things. That will be targeted at helping people and businesses operate more effectively, a matter that would result in a major growth in the digital economy.
The businesses are looking forward to better days ahead. That will be in terms of empowering small businesses in terms of making some outstanding connections. The shopping experience will be at a new level since the purchase of products will become a seamless experience using mobile devices.
It was in the previous week that reports came up outlining that Reliance and Facebook had plans underway to develop a WeChat-style app for India. Jio has done a commendable job, and that is considering the massive success it has witnessed in terms of bringing more people online. So far, it has managed to help about 388 million persons who are currently enjoying online services. It is not the first time that Facebook is making efforts to do business in India. There was a time that the social media giant was working on a plan to deliver internet access services in the country.