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April 22, 2020 03:15 am

Facebook takes $5.7 billion stake in Indian internet giant Jio

Photo by Amelia Holowaty Krales / The Verge

Facebook has made a huge bet on India by investing $5.7 billion into Jio Platforms, the tech subsidiary of multinational conglomerate Reliance Industries. Jio variously operates broadband, mobile services, and online commerce platforms, and Facebook’s investment gives it around a 10 percent stake in the company, making it the largest minority shareholder.

Facebook’s primary footprint in India currently comes from its huge WhatsApp userbase; more than 400 million Indians use the messaging app, far more than any other country in the world. In a blog post bylined by chief revenue officer David Fischer and VP for India Ajit Mohan, the company says one of the goals of its investment is to tap into opportunities for small businesses, noting...

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