In India today, Facebook hosted the Facebook Fuel for India 2020 function. Facebook CEO Mark Zuckerberg had a chat with Reliance Industries chairman Mukesh Ambani on the case’s sidelines. The two industry giants talked about a host of things, including the effect of Jio-WhatsApp.
Mukesh Ambani said that in India, WhatsApp has hundreds of millions of users. And Jio has about a hundred million subscribers in India.
This means that Jio brings digital networking; WhatsApp now brings digital interactivity with WhatsApp Pay. The potential to transfer to close purchases and build value and Jio Mart brings the unrivaled online and offline shopping opportunity that offers our small shops in Indian villages and small towns a chance to digitize and be at par with everyone else in the world.
Zuckerberg and Ambani have spoken about Facebook’s investment in Jio Networks, in addition to Jio and WhatsApp. Facebook revealed back in April this year that it was investing $5.7 billion in Jio Network for a 9.99 percent equity interest in the venture, giving you a brief recap. In addition to the investment, both companies announced that they would concentrate on 60 million micro, small and medium-sized enterprises in India. Also, Reliance Retail and WhatsApp entered into a relationship to ‘accelerate the Digital Commerce sector of Reliance Retail on the JioMart network using WhatsApp and help WhatsApp for small businesses.’
Now the two leaders have shed some light on what led to this decision, speaking at the Facebook Fuel for India 2020 gathering.
Zuckerberg said they want to say on Facebook that we’re still in the business of serving small firms. And nowhere is it more accurate than in India. This is highly important because small businesses here will be a vital part of future global recovery. t And that they are focused on making sure that they are designing the right instruments for them.
“Mark, we have our example of how Jio and Facebook concluded our partnership right in the middle of lockdown…I have no hesitation in going on record that it is your investment that set the ball rolling not only for Jio but for the Indian FDI, which has been the largest-ever in its history. And our partnership between Jio and Facebook will demonstrate that it is great for India, Indians, and small Indian businesses,” the RIL chairman said.
