With $5.7 bn investment in Jio, Facebook targets 60 mn Indian SMEs

April 23, 2020: The global digital giant, Facebook, on Tuesday, announced a $5.7 billion or Rs 43,574 crore investment in Jio Platforms, part of Reliance Industries, making Facebook its largest minority shareholder.

“Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India. They account for the majority of jobs in the country, and form the heart and soul of rural and urban communities alike,” says the Facebook release.

Kiranas on Whatsapp
One focus of Facebook’s collaboration with Jio is to create new ways for people and businesses to operate effectively in the growing digital economy.

“For instance, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience,” says the release.

India's digital access and Jio
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. India is in the midst of one of the most dynamic social and economic transformations the world has ever seen, driven by the rapid adoption of digital technologies. In just the past five years, more than 560 million people in India have gained access to the internet.