Facebook to Invest Nearly $6 Billion in Indian Online Giant Jio Platforms [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
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Source: TheStreet.com
Facebook(FBGet ReportReliance announced Facebook will buy a 9.99% stake in Jio Platforms for approximately $5.7 billion, becoming its largest minority shareholder. Separately, Facebook said the deal would bring together JioMart, an e-commerce venture of Ambani and its WhatsApp platform, to enable people to connect with businesses.Jio Platforms has several services under its umbrella, including Reliance Jio, a mobile network that has signed up nearly 390 million subscribers since launching three and a half years ago. Reliance also has a retail arm, and the deal includes a commercial partnership with Facebook-owned messaging platform WhatsApp that potentially paves the way for Facebook to monetize WhatsApp's 340 million users in India, according to Bloomberg.The deal, Facebook’s biggest outside investment since its 2014 purchase of WhatsApp, gives the company a runway to expand in a country that is rapidly embracing online payment and e-commerce as more people get smartphones.“India is
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