Facebook Is Making a $6 Billion Bet On India [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
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Source: TheStreet.com
Facebook(FBGet ReportThe social media giant on Wednesdayrevealed plansReliance 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.“India is a special place for us,” CEO Mark Zuckerberg said in a video posted on Facebook. “We’re also committing to work together on some critical projects that we think are going to open up a lot of opportunities for commerce in India.”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.Jio Platforms has several services under its umbrella, including Reliance Jio, a mobile network that has signed up nearly 390 million subscribers since launch
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