Facebook & Jio will work to bring more people into the digital ecosystem: Ajit Mohan
Mohan wrote in a Facebook post that the $5.7 billion investment will help lay the groundwork in India to support people and businesses in the coming years
India woke up to the news of Facebook making a Rs 43, 574 crore ($5.7 billion) investment into Reliance Jio. The social media giant’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis. In a blog post, Facebook explained that the investment underscored the social media giant’s “commitment to India.”
Ajit Mohan, the Vice President and Managing Director of Facebook India, commented on the development through a post. He explained that India is important to Facebook, and has invested in the country to launch and grow businesses. He also added Facebook’s messaging platform Whatsapp is “deeply ingrained in India life.”
Commenting on the $5.7 billion investment in Jio Platforms, Mohan said that the investment will be a key driver of digital transformation in India. “Together, we will work to bring more people into the digital ecosystem and to create new opportunities for business of all sizes, especially for the more than 60 million small businesses across India,” he writes.
He concluded by saying that the investment will help lay the groundwork to support people and businesses in the coming years as the world comes out of the present-day crisis.
Facebook’s acquisition of 9.99% stakes in Jio is the largest investment for a minority stake by a tech company anywhere in the world. It also happens to be the largest FDI in the technology sector in India.
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