Facebook has made $5.7 billion investment in Jio Platforms Limited, owned by Reliance Industries, which is run by billionaire Mukesh Ambani. India is key for Facebook’ WhatsApp which has over 400 million users in the country and is gearing up to add a payments feature to the service.
Jio Platforms has a number of brands under it including its telecommunications business Reliance Jio which has grown rapidly in the country. This investment gives Facebook a 9.99 percent stake in Jio Platforms, an e-commerce venture of India’s richest man Mukesh Ambani, and WhatsApp and gives it a pre money enterprise value of $65.95 billion.
Facebook said it would work with Jio to create new ways for the people and the businesses to operate more effectively in the growing digital economy.
According to reliance industry, Jio Platforms, a wholly owned unit of Reliance Industries, brings together Jio’ digital apps, ecosystems and the wireless carrier’ platform under one umbrella.
Jio Launched in September 2016, currently has over 388 million users. Mark Zuckerberg-led company said in a statement, “The focus of our collaboration with Jio Platforms will be creating new ways for the people and businesses to operate more effectively in the growing digital economy.”