Published 09:33 IST, April 22nd 2020
Not just Facebook's Jio investment, WhatsApp & Reliance Retail announce big partnership
As Facebook announced its investment in Reliance Jio, WhatsApp and Reliance Retail Limited have also entered into a commercial partnership agreement.
As Facebook announced its investment in Mukesh Ambani-led Reliance Jio, WhatsApp and Reliance Retail Limited have also entered into a commercial partnership agreement. According to the official release, the two have partnered up to accelerate Reliance Retail's new Commerce Business- JioMart, by using Facebook-owned WhatsApp and to support small businesses on the platform.
According to the release, JioMart is being built in partnership with millions of small merchants and Kirana shops in order to empower them to serve the needs of the Indian consumers in a better way. WhatsApp and JioMart will be working closely to ensure that the consumers are being able to access the nearest Kirana stores who can provide products and services to their homes by transacting seamlessly with JioMart by using WhatsApp.
"Concurrent with the investment, Jio Platforms, Reliance Retail Limited (“Reliance Retail”) and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail’s New Commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp. WhatsApp already plays an important role in helping people and businesses connect in India. Reliance Retail’s New Commerce platform, JioMart, is being built in partnership with millions of small merchants and kirana shops to empower them to better serve the needs of Indian consumers. The companies will work closely to ensure that consumers are able to access the nearest kiranas who can provide products and services to their homes by transacting seamlessly with JioMart using WhatsApp," the statement said.
Facebook announces investment
Technology giant Facebook on Wednesday announced an investment worth Rs 43,574 crore in Mukesh Ambani-led Reliance Jio. The investment allows the American firm to pick up 9.99% in Jio. The RIL in a statement said that an agreement had been reached with Facebook for a major investment, which values Jio at Rs 4.62 lakh crore.
It stated that the investment is the "largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India". Further, it stated that it will accelerate "India’s all-round development, fulfilling the needs of Indian people and the Indian economy."
In an official release, Mukesh Ambani, Chairman of RIL said, "All of us at Reliance are therefore humbled by the opportunity to welcome Facebook as our long-term partner in continuing to grow and transform the digital ecosystem of India for the benefit of all Indians. The synergy between Jio and Facebook will help realize Prime Minister Shri Narendra Modi’s ‘Digital India’ Mission with its two ambitious goals — ‘Ease of Living’ and ‘Ease of Doing Business’ – for every single category of Indian people without exception."
Updated 09:33 IST, April 22nd 2020