SPONSORED:

Facebook to invest $5.7 billion in Indian telecom company

Facebook to invest $5.7 billion in Indian telecom company
© Getty Images

Facebook announced Tuesday it will invest $5.7 billion in the telecom branch of Indian company Reliance Industries.

Facebook said the investment, which makes it the largest minority shareholder in Jio Platforms Limited, will focus on connecting people with small businesses by linking its messaging platform WhatsApp with Reliance's e-commerce tool JioMart.

“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,” the company said in a statement.

ADVERTISEMENT

“Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India.”

Facebook’s investment will amount to a nearly 10 percent equity stake in Jio Platforms on a fully diluted basis, Jio said in a statement

WhatsApp has reportedly received approval to introduce its digital payment service in India as it tries to compete with platforms like Google Pay and Paytm in the country.