Sun, April 14, 2024

Social Media Giant Facebook Invested in Jio Platforms

Facebook and the new deal

Facebook is one of the most well-known social media networks if not the most popular around the globe. This social media giant earns billions of dollars every year. Moreover, Facebook is not only about social media. For example, last year Facebook unveiled a digital currency project called Libra. 

Moreover, the social media network invested more than $5 in India’s largest mobile operator. Tech giant invested $5.7 billion in Jio Platforms, which belongs to conglomerate Reliance Industries. 

Thanks to this deal, Facebook became the owner of a 9.9% stake in the business. It is worth mentioning that, Facebook conducted the largest direct investment in India’s tech sector, in the history of the country

Moreover, the services of Jio Platforms, include the mobile network Reliance Jio. Currently, it has 388 million users. It means that Reliance Jio has more users than the whole population of the United States.

Facebook, Reliance Jio and crypto industry in India Facebook, crypto industry and India

Last year, Reliance Jio Infocomm installed one of the world’s largest blockchain networks according to Mukesh Ambani the owner of Reliance Industries. Moreover, it conducted India’s first-ever blockchain-enabled letter of the credit transaction.

Also, the tech giant became the largest minority shareholder. This an important decision, as thanks to this deal Jio will be able to become debt free within a year. 

As mentioned above, Reliance Jio has millions of users and fresh investment includes a commercial partnership with WhatsApp. Notably, WhatsApp belongs to Facebook. 

Moreover, WhatsApp is one of the three platforms proposed by Facebook for the rollout of its planned stablecoin Libra. 

Furthermore, Jio platforms also operate the e-commerce platform called JioMart. This platform serves 30 million customers across the country. 

The crypto industry is developing in India. Last year, crypto exchange Binance acquired WazirX. Also, both exchanges jointly launched a $50 million fund to support the blockchain development in India. 

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