UPDATE 4-Facebook invests $5.7 bln in Reliance unit, plans digital services for Indian grocers [Reuters]
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Source: Reuters
Facebook invests $5.7 billion in Reliance unit, plans digital services for Indian grocers BENGALURU (Reuters) - Facebook ( FB.O ) will spend $5.7 billion to take just under 10% of Reliance Industries’ ( RELI.NS ) digital unit, seeking to roll out services for India’s grocers and other small businesses by capitalising upon WhatsApp’s already extensive reach within the country. The stake in Jio Platforms, Facebook’s biggest acquisition since it bought WhatsApp for $22 billion in 2014, will help Reliance slash away at a heavy debt load incurred as it expanded aggressively into telecoms and retail. Shares in the country’s biggest conglomerate soared 12% on the news. Under the deal, Reliance’s online retail unit JioMart will work together with WhatsApp, which counts India as its largest market with 400 million users, to connect business owners with their customers. “In the near future JioMart...and WhatsApp will empower nearly 30 million small Indian kirana (grocery) shops to digitally
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