Facebook is pouring in Rs 43,574 crore for a 9.99 per cent equity stake in homegrown Reliance Industries led Jio Platforms – the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the Indian tech sector.
Mukesh Ambani, Chairman, RIL said that on Wednesday that the deal with Facebook will enable Jio’s new commerce platform to connect 3 crore kirana stories through WhatsApp.
“This investment by Facebook values Jio Platforms at Rs 4.62 lakh crore ($65.95 billion) pre-money enterprise value, agreed at a conversion rate of Rs 70 to a US Dollar. Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis,” RIL said.
As part of the deal, local vendors and small kirana businesses will be able to register on JioMart, the online groceries delivery platform. This means Kirana shops in India to digitally transact with every customer in their neighbourhood. This means all of you can order and get faster delivery of day-to-day items, from nearby local shops.
Ambani said that at the core of the partnership is the commitment that Mark Zuckerberg, founder of Facebook, and he shares for the all-round digital transformation of India and for serving all Indians.
“Our partnership will be a great catalyst to make India the world’s leading Digital Society. The combined power of Jio’s world-class digital connectivity platform and Facebook’s intimate relationship with the Indian people, will offer innovative new solutions to each one of you,” Ambani added.
Earlier, in January 2020, JioMart was announced as part of Jio Platforms’ expansion into the e-commerce space in India.
