Facebook founder and CEO Mark Zuckerberg on Wednesday said that following the ₹43,574 crore investment in Jio Platforms, the two firms would work together on ‘major projects’ that would open up business opportunities for people in India.
In a Facebook post, Mr. Zuckerberg said, “With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses. This is something we can help with — and that’s why we’re partnering with Jio to help people and businesses in India create new opportunities.”
He added that India, which is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs, is in the middle of a major digital transformation, and organisations such as Jio have played a big part in getting hundreds of millions of people and small businesses online.
“This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs,” he said.
Separately, Facebook’s chief revenue officer David Fischer, and VP and MD, India, Ajit Mohan, said in a joint blog that the $5.7 billion, or ₹43,574 crore, investment in Jio Platforms, makes Facebook its largest minority shareholder.
The two executives of the U.S.-headquartered firm added that India was in the midst of one of the most dynamic social and economic transformations the world had ever seen, driven by the rapid adoption of digital technologies. In just the past five years, more than 560 million people in India had gained access to the Internet.
“Facebook’s 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,” they said.
The focus of Facebook’s collaboration with Jio, they added, would be creating new ways for people and businesses to operate more effectively in the growing digital economy. For instance, bringing together JioMart with the power of WhatsApp, can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience.
“India is a special country for us. Over the years, Facebook has invested in India to connect people and help businesses launch and grow. WhatsApp is so ingrained in Indian life that it has become a commonly used verb across many Indian languages and dialects... And Instagram has grown dramatically in India in recent years as the place where people follow their interests and passions,” Mr. Fischer and Mr. Mohan said in the blog.
Noting that in less than four years Jio had brought more than 388 million people online, the Facebook executives said, “We are excited about furthering our investment in India’s vibrant digital economy. Our efforts with Jio will be focussed on opening new doors and fuelling India’s economic growth and the prosperity of its people. We look forward to working with Jio, and to future collaborations in India to advance this vision.”
