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Facebook invests USD 5.7 bln in Reliance Jio Platforms

Wednesday 22 April 2020 11:26 CET | News

Digital Onboarding and KYC Report 2020

Facebook has invested USD 5.7 billion in Reliance Jio Platforms, owned by Reliance Industries, the biggest telecom operator in India, according to TechCrunch
Digital Onboarding and KYC Report 2020

Jio Platforms has a number of subsidiary brands, including its telecommunications business Reliance Jio, which began its commercial operation in the second half of 2016. Reliance Jio also owns a suite of services including music streaming service JioSaavn (which it plans to take public), smartphones, broadband business, on-demand live television service JioTV, and payments service JioPay.

The deal, which valued Jio at a pre-money valuation of USD 65.95 billion, makes Facebook the largest minority shareholder in the Indian telecom network. India is key for Facebook’s WhatsApp messaging service which has over 400 million users in the country.

Facebook said the investment marks its “commitment to India”, where it will focus on collaborating with Jio to create “new ways for people and businesses to operate more effectively in the growing digital economy.” This is the largest investment for a minority stake by a technology company anywhere in the world and the largest foreign direct investment in the technology space in India.

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Keywords: Facebook, investment, Reliance Jio, India, telecom
Categories: Payments & Commerce | Payments General
Countries: India
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Payments & Commerce