Briefing

Facebook buys 9.99 per cent in India’s Jio Platforms for US$5.7 billion

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The investment values the subsidiary of conglomerate Reliance Industries at ₹4.62 trillion (US$66 billion). The two firms will focus on offering services to micro-, small- and medium-sized businesses and the informal sector, Jio announced(The Logic)

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Talking point: Jio wants to use Facebook’s platform and messaging subsidiaries as extensions of the e-commerce marketplace it’s building, focused on corner stores and small merchants; Reliance managing director Mukesh Ambani said customer transactions could happen through WhatsApp, which has over 400 million monthly active Indian users. Jio has its own messaging and payment products, key assets in the country’s tech market. Domestic firms like Paytm have built retail and banking on top of transaction services, while foreign giants like Amazon are building “super apps” with entertainment and travel integrations. Jio and Facebook aren’t planning to launch yet a new joint platform for now. And executives from both firms said they will continue to compete in unspecified areas.