Facebook Buys 9.99% Stake in Jio for $5.7 billion

facebook buy 9.99 percent stake in jio

Facebook has bought a 9.99% percent stake in Jio for a whopping $5.7 billion which is approximately Rs. 43,574 crore. There have been lots of rumors regarding the same from last month and everything is in line with there previous rumors. This is the third time that Facebook is investing in an Indian company.

In the official blog post, Facebook said, “This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country. In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio.”

Within just 4 years of introduction, Jio managed to acquire a huge userbase of around 338 million and already outranked industry-leading companies like Airtel, Idea, and Vodafone.

“This investment underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country,” said David Fischer, Chief Revenue Officer, and Ajit Mohan, VP and Managing Director, India in a blog post

Facebook’s partnership with Jio will be focused on opening new doors and fueling India’s economic growth. This partnership will help over 60 billion small businesses to boost their presence online and reach a wider audience. In partnership, Facebook and Jio will be connecting the JioMart. Jio’s small business initiative with WhatsApp. This integration will let users buy products from WhatsApp itself.

Source: Facebook

Aromal VG
Aromal is an enthusiastic Android user and loves exploring new things. Apart from all these tech sides of things, he is also active in trading as well. He dropped out of college just as to follow his passion.