Facebook takes $5.7 billion stake in India's Jio Platforms [MarketWatch]
Meta Platforms, Inc. - Class A (FB)
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Source: MarketWatch
Facebook Inc. on Tuesday announced a $5.7 billion investment in India's Jio Platforms Ltd. The Indian tech company is part of Reliance Industries Ltd., and has brought nearly 400 million Indians online in the past four years. Facebook will be its largest minority shareholder. In a statement, Facebook said its focus in the collaboration will be e-commerce, in particular by linking Jio's small business initiative with Facebook's WhatsApp. "India has more than 60 million small businesses and millions of people rely on them for jobs," Facebook Chief Executive Mark Zuckerberg wrote in a Facebook post. "With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with."
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