Jio Platforms Limited, an Indian large mobile operator, received a $5.7 billion (INR 43,574 crore) investment from Facebook (Nasdaq: FB) .
The deal made Facebook Jio’s largest minority shareholder.
Jio Platforms, which is part of Reliance Industries Limited, has brought more than 388 million people online in less than four years. India is in the midst of one of the most dynamic social and economic transformations the world has ever seen, driven by the rapid adoption of digital technologies. In just the past five years, more than 560 million people in India have gained access to the internet.
Facebook’s goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India. Focus of the collaboration with Jio will be creating new ways for people and businesses to operate more effectively in the growing digital economy.
For instance, by bringing together JioMart, Jio’s small business initiative, with WhatsApp, Facebook can enable people to connect with businesses, shop and purchase products in a seamless mobile experience.