Facebook has enjoyed unparalleled reach in India for more than a decade. But as China’s fast-growing ByteDance emerges as a formidable competitor in what has become the world’s second largest internet market, the American giant has found the horse it wants to bet on.
Facebook announced today it has invested $5.7 billion in India’s Reliance Jio telecom operator with more than 350 million subscribers. As part of the deal, Facebook will now become the largest minority shareholder in Jio, which is a subsidiary of India’s largest industrial house Reliance Industries.
The social giant said it will focus on collaborating with Jio to create “new ways for people and businesses to operate more effectively in the growing digital economy.”
David Fischer, Chief Revenue Officer, and Ajit Mohan, VP and Managing Director, India said one example of such collaboration could be bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp. “We can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience,” they said.
More to follow…
No comments:
Post a Comment