Facebook will invest ₹ 43,574 crore (approximately US$5.6 billion) in Jio Platforms, a subsidiary of Reliance Industries that includes digital apps, digital ecosystems and India’s leading mobile operator. The investment will give Facebook a 9.99% equity stake in Jio Platforms on a fully diluted basis.
Jio, which currently serves over 388 million subscribers, said its vision is to enable a Digital India for 1.3 billion Indians and Indian businesses, especially small merchants, micro-businesses and farmers.
India is home to some of Facebook’s most thriving communities on WhatsApp, Facebook, and Instagram.
The companies note that this 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. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market-defining shareholder value.
Concurrent with the investment, Jio Platforms, Reliance Retail Limited ( 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.
