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Ambani, Zuckerberg shakes hands eyeing digital future for India

Mark Zuckerberg’s Facebook will invest Rs 43,574 Cr in Reliance Jio. Facebook will acquire 9.99% stake in Jio. Post Facebook investment, Jio’s valuation will stand at Rs 4,62,000 Cr. This will be the largest FDI  for a company in India’s technology sector. This is also the first time where investment this big is garnered after selling minority stake.

Reliance Industries Chairman Mukesh Ambani said the deal would enable Facebook founder Mark Zuckerberg and himself to commit to digital transformation happening in India. Reliance Jio has 38 crore subscribers. India is the largest market for Facebook with over 32 crore monthly subscribers. WhatsApp, owned by Facebook, has 40 million users. Through Facebook’s investment, Jio will take the initiative to provide a digital face to the country’s business sector with more than 6 crore micro and small enterprises. Digital tools will now be essential to communicate with customers and drive businesses and small entrepreneurs who are in crisis due to the lockdown.

Through the collaboration with Jio, Facebook is aiming for a digitally impactful engagement across India’s social sector, including more than 6 million MSME enterprise units, one and a half million farmers and more than 3 crore small businesses. Facebook’s investment in Jio will set the stage for world’s largest strategic network, which will have a digital impact upon any type of business.

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