Jio Platforms, Reliance Retail Limited and WhatsApp have entered into a commercial partnership agreement. This comes along with the Facebook-Reliance Jio deal, in which the social media giant has bought a 9.9 percent stake for $5.7 billion.
This has been done to further accelerate Reliance Retail’s New Commerce business on the JioMart platform using Facebook-owned WhatsApp and to support small businesses on the messenger, which already plays an important role in helping people and businesses connect in India, said Reliance Industries Limited in a statement released on April 22
Reliance Retail’s New Commerce platform, JioMart, is being built in partnership with millions of small merchants and kirana shops to empower them to better serve the needs of Indian consumers.
Also read | Here's why Facebook bought stake in Reliance Jio for Rs 43,574 crore
The companies will work closely to ensure that consumers are able to access the nearest kiranas that can provide products and services to their homes by transacting seamlessly with JioMart using WhatsApp, said the statement.
Facebook, on April 22, announced an investment of $5.7 billion (Rs 43,574 crore) for acquiring a minority stake in Jio Platforms Ltd as it looked to expand presence in its largest market in terms of subscriber base.
Also read | Facebook-Jio Deal: Here's what Mark Zuckerberg has to say
"Today, we are announcing a $5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder," the statement said.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
Catch our entire coverage on the Facebook-Jio deal here.
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