This archive report was first published on 22 April 2020.
On April 22, 2020, Facebook announced a landmark deal to acquire a 9.99% stake in Jio Platforms, India's largest telecom company, for $5.7 billion. This investment makes Facebook the largest minority shareholder in Jio, which operates a vast array of services including broadband, mobile services, and online commerce platforms.
The deal is a significant milestone in Facebook's efforts to expand its digital presence in India, a market with over 1.3 billion people. Jio's massive subscriber base of over 388 million people is expected to provide Facebook with a significant boost in its efforts to provide internet access to all.
According to David Fischer, Chief Revenue Officer at Facebook, Jio has been instrumental in bringing people online, creating innovative new enterprises, and connecting people in new ways. In just five years, over 560 million people in India have gained access to the internet, with Facebook, Instagram, and WhatsApp platforms becoming an integral part of daily life for many Indians.
The new partnership between Facebook and Jio is expected to create new opportunities for 60 million small businesses across India. By integrating JioMart, Jio's small business initiative, with the power of WhatsApp, people will be able to connect with businesses, shops, and purchase products in a seamless mobile experience.
