India is in the middle of “major digital transformation” and Facebook Teams is committed to “opening commerce opportunities for people across the country”, founder Mark Zuckerberg said this morning, a day after the social media giant invested $5.7 billion in Reliance Industries Ltd-owned mobile telecom company Reliance Jio.
Facebook Teams Mr. Zuckerberg (valued at $63.3 billion by business publication Forbes), also thanked Reliance Industries Chairman Mukesh Ambani (valued at $47.5 billion) for the partnership and said he was “looking forward to getting started”.
“Facebook is teaming up with Jio Platforms – we’re making a financial investment, and more than that, we’re committing to working together on some major projects that will open up commerce opportunities for people across India,” Mr. Zuckerberg wrote on his Facebook page.
“India is home to the largest communities on Facebook Teams and WhatsApp and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organizations like Jio have played a big part in getting hundreds of millions of Indians, small businesses online,” he added.
“My fellow Indians, I’m here to share some exciting news with you. All of us at Reliance Jio are delighted to welcome Facebook Inc. as our partner. At the core of Facebook Teams partnership is a commitment Mark Zuckerberg and I share for the digital transformation of India,” Mukesh Ambani said in response to Mr. Zuckerberg, according to news agency ANI.
In his message, Mr. Ambani stressed the benefits of the Facebook-Jio tie-up for the nearly three crores Kirana stores around the country that will now be “empowered and can create new employment opportunities with digital technology”.
The deal, which makes Facebook the largest minority shareholder in Jio, comes after the government approved WhatsApp’s digital payment service. The Facebook Teams -the owned platform is now set to compete with the likes of Google Pay and Paytm for a market that will be worth $135.2 billion in 2023, according to an Assocham-PWC India study.
WhatsApp has 400 million users in India, its biggest market, reaching nearly 80 percent of smartphone users in the country.
In his post, Mr. Zuckerberg pointed out that small businesses – India has over 60 million of these and a significant majority of these use digital payment services like Paytm and Google Pay – were the core of every economy and millions relied on them for employment.
“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 said.