In a major boost to Reliance Jio, social media giant Facebook is investing $5.7 billion (Rs 43,574) in it, making Facebook its largest minority shareholder. The deal has been announced this morning, with Jio putting out a media note and Facebook talking about it on its official blog post.
There are a number of key takeaways from the announcement, which was in the works for a while. The formal announcement comes days after a business newspaper in the UK talked about Facebook making plans to invest in Jio.
The key part in the announcement of the Facebook-Jio deal seems to be about the word “platform”. Both Jio and Facebook talk of “Jio Platforms”, which is basically a term for the services that Jio is building on top of its network. It is in these services that Facebook is most interested in. In particular, Facebook wants to integrate of a lot of these services with WhatsApp, which is one of the most popular apps in India. The social media giant is hoping to monetize the messaging app by partnering with Jio and enabling a local business-customer interaction on it through JioMart.
If you are just waking up to the big Facebook-Jio announcement, here are 5 key points to note:
— Facebook has made an investment of $5.7 billion (Rs 43,574) crore into Jio Platforms on Wednesday. This investment by Facebook values Jio Platforms at $65.95 billion (Rs 4.62 lakh crore) pre-money enterprise value. Facebook has bought a 9.99% equity stake in the company on a fully diluted basis. This makes the social media giant, Jio’s largest minority shareholder.
— Why the deal? The primary motivation for Facebook seems to be JioMart. Keeping the huge user base in mind, Facebook wants to bring small Jio’s small business platform JioMart — to its messaging app-WhatsApp. This would help users to connect with small businesses over WhatsApp. “Our goal with this investment is to enable new opportunities for businesses of all sizes, but especially for small businesses across India Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector, in addition to empowering people seeking various digital services,” notes a statement by Reliance .
— Talking about the business deal, Facebook CEO and founder Mark Zuckerburg said that the investment has been made because the two companies want to work on major projects that would open up job opportunities for people across India. “India has more than 60 million small businesses and millions of people rely on them for jobs. 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. I want to thank Mukesh Ambani and the entire Jio team for their partnership. We’re looking forward to getting started,” Mark Zuckerberg said in a statement.
—Reliance Industries chairman and managing director Mukesh Ambani said the deal between Facebook and Jio will help “Digital India”. He said, “The synergy between Jio and Facebook will help realize Digital India Mission with its two ambitious goals — Ease of Living and Ease of Doing Business for every single category of Indian people without exception. In the post-Corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation.”
— Jio said that the Facebook investment that it is receiving 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.” As far as Facebook is concerned, Mark Zuckerberg and his top executives must be hoping that it gives his company a foothold in India and on the phones used by Indians, similar to what the company was aiming to achieve with Free Basics program around 5 years ago, which ran into regulatory issues and had to be scrapped.
Ajaz Yunus Patel is a cricketer born in Mumbai, India, on October 21, 1988. He…
Ajaz Patel, the skilled left-arm spinner from New Zealand, gained international attention in 2021 when…
Are you dealing with an unusual headache? It could be a cervical or cervicogenic headache.…
In a shocking development, YouTuber Praneeth Hanumanthu has become embroiled in controversy following his detention by the Telangana Cyber Security Bureau. Initially arrested for making offensive remarks during a podcast, Hanumanthu's predicament has escalated, resulting in further allegations under the Narcotic Drugs and Psychotropic Substances (NDPS) Act after he tested positive for cannabis consumption. The Context of the Detention The origins of Hanumanthu's difficulties can be linked to a podcast he hosted, which included a conversation that many considered highly unseemly. During this episode, he made inappropriate comments regarding the dynamics between a father and daughter, igniting outrage among viewers and critics alike. This incident quickly garnered the attention of both the public and law enforcement, prompting an investigation by the Telangana Cyber Security Bureau. The primary allegation centered around his remarks, which were deemed to have crossed the boundaries of acceptable discourse. This scenario raises broader inquiries about accountability and the duties of content creators, particularly in an era where online platforms can amplify messages to a large audience. As a public figure, Hanumanthu's statements carry substantial weight, and the backlash he has encountered signifies society's increasing intolerance towards harmful rhetoric. Charges Related to Substances Things took a turn for the worse for Hanumanthu when, following his arrest, authorities opted to perform a drug test. The results confirmed the presence of cannabis in his system, leading to additional allegations under the NDPS Act. This legislation is a strict law in India aimed at combating substance abuse and trafficking. By testing positive for drug use, Hanumanthu not only worsened his legal troubles but also further tarnished his reputation. The addition of drug-related charges initiates an important discourse about the effects of substance use among influencers and celebrities. Many young individuals look up to figures like Hanumanthu, and such disclosures can have significant consequences on their perceptions and behaviors. The fallout from his actions extends beyond legal issues; it also encompasses the ethical obligations that accompany public visibility. Reactions from the Public and Consequences The public’s reaction to Hanumanthu's arrest has been varied. Many viewers voiced their outrage over both his initial remarks and his later substance use. Social media has been inundated with discussions, memes, and criticisms, illustrating the swift spread of information and opinions in today’s digital environment. Critics contend that individuals like Hanumanthu should be held accountable for their influence, particularly when it concerns endorsing a healthy lifestyle and responsible behavior. On the other hand, some supporters have rallied behind him, advocating for the necessity of empathy and understanding. They highlight the pressures that accompany being a public figure, especially in a hyper-connected world where every action is scrutinized. This divide in public sentiment mirrors a broader societal conversation about celebrity culture, accountability, and the intricacies of mental health and substance use. The Wider Picture of Substance Abuse Hanumanthu's situation is also part of a larger discourse regarding drug abuse in India, especially among the youth. As discussions about mental health and substance use become more widespread, incidents like this underscore the pressing need for awareness and education about addiction and its root causes. The stigma surrounding drug use often hampers open dialogue about the topic, leaving many to endure in silence. Moreover, the legal implications of the NDPS Act spark questions about how society addresses drug-related offenses. While the act aims to deter substance abuse, critics argue that such laws can disproportionately impact certain demographics and do not tackle the underlying causes of addiction. Conversations around harm reduction, rehabilitation, and public health strategies are increasingly relevant within the framework of these laws. Prospects Ahead for Hanumanthu As Hanumanthu navigates the forthcoming legal hurdles, his future remains unpredictable. He faces possible legal repercussions for both his unsatisfactory comments and his substance use, which could greatly affect his career and personal life. The scenario serves as a cautionary example for content creators about the consequences of their expressions and actions, highlighting the need for thoughtful engagement with their audience.…
Nimrat Kaur is an Indian actress celebrated for her contributions to Hindi cinema and American…
Grey divorce refers to the increasing trend of couples aged 50 and older choosing to…