Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Facebook has bought 9.9% in Reliance Jio for $5.7 billion. </li><li>The bigger reason for the buy-in is how <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> and Reliance Retail can use this partnership to help each other out. </li><li>The payments platform can use Reliance’s massive network of offline stores to monetise its data, while Reliance can use the ‘household’ name to finally yield success with a seamless payments system. </li></ul>Everyone is excited about the deal between Facebook and Reliance Jio in hope that it will result in a new ‘super app’ for India. However, the partnership between Facebook and Reliance Jio has a few more layers than what is visible at first glance. The secret sauce to this deal is the potential for Facebook’s payment solutions — <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">WhatsApp Pay</a>. And, this is the reason why <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> is <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">paying top dollar for a stake</a> in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Jio. “Our goal is to enable new opportunities for businesses of all sizes, but especially for the more than 60 million small businesses across India,” said Facebook’s chief revenue officer, David Fisher, and the VP and managing director of India, Ajit Mohan in a <a href="https://about.fb.com/news/2020/04/facebook-invests-in-jio/">post.</a> Zuckerberg’s social network has <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">bought a 9.9% stake</a> in Reliance’s telecom venture for $5.7 billion. However, the second richest man in India — Mukesh Ambani — also owns the country’s biggest retail chain, Reliance Retail. It will now be a force of power to ensure that WhatsApp Pay has a chance of success in the Indian market despite being such a late entrant. “PayTM, PhonePe and other players will be impacted. They don’t have as much e-commerce as these guys will have. That will make a big difference,” Vikram Sud, an independent director at DBS told Business Insider. Retaining employment at brick-and-mortar stores rather than wipe it out “This is an amazing partnership on the payments side. Whatsapp Pay did not have the commercial sides of it as Whatsapp was trying to creep into the business. Now, between Whatsapp, Instagram and Facebook — all the commerce can be done through Whatsapp Pay,” said Sud. Jio’s plan to <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms">pull all kirana stores</a> and combine it with this payment mechanism will be a massive competition to Amazon and all other e-commerce players. You will get delivery from local stores while also helping them retain their employment unlike the advent of Amazon and Walmart, who have been <a href="https://www.businessinsider.in/if-were-living-through-a-retail-apocalypse-why-are-e-commerce-leaders-like-amazon-alibaba-and-jd-com-so-focused-on-building-brick-and-mortar-stores/articleshow/70849067.cms">chipping away</a> at the brick-and-mortar business. “By bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience,” said Facebook. And that’s the play that global IT giant is primarily aiming for, according to a senior industry analyst. They weren’t able to monetise it but that doesn’t change the fact that they're sitting on a huge pile of data. This is something they will now be able to leverage and monetise by using Jio Mart's reach. It’s a win-win situation for Ambani and Zuckerberg “In my mind, Whatsapp Pay and Jio money will all hopefully get rolled into one. It will just make it quicker since there is nobody in India that doesn't have WhatsApp,” said Sud. WhatsApp has been testing its payments platform in India since 2018. It was only available to a million users under a partnership with ICICI Bank. However, the <a href="https://www.businessinsider.in/tech/news/whatsapp-spyware-hack-raises-security-concerns-around-its-upcoming-payments-service/articleshow/71888781.cms">concern for policymakers</a> was whether not it will be responsible to allow a social messaging app — known for being a vehicle of fake news or what’s more commonly called the ‘WhatsApp University’ — to also integrate payments into its platform. In February this year, two years after the company’s first trial, WhatsApp finally got the <a href="https://www.businessinsider.in/tech/news/india-whatsapp-pay-global-rollout-zuckerberg/articleshow/73760554.cms">approval </a>to roll out its digital payment service in a phased manner. In the first phase, it will offer its payment services to 10 million users in the country. See also: <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">Facebook’s investment in Reliance Jio boosts RIL share value by ₹50,000 crore</a> <a href="https://www.businessinsider.in/tech/news/heres-why-facebooks-mark-zuckerberg-is-paying-top-dollar-for-a-stake-in-mukesh-ambanis-reliance-jio/articleshow/75286331.cms">Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio</a>

WhatsApp is the secret sauce in the deal between Facebook and Reliance Jio

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> has invested $5.7 billion for a 9.9% stake in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword> which puts the pre-deal valuation at ₹4.4 lakh crore. </li><li>The reason <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword>’s investment makes sense is because <keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> is likely to be the fastest-growing segment for Reliance in the post-COVID world. </li><li>It’s also a way for Facebook to gain an edge in the Indian market which has largely been a duopoly between Facebook and Google when it comes to digital solutions for over a decade — a duopoly that has come under pressure with ByteDance’s entry.</li></ul>Facebook announced that it has invested $5.7 billion for a 9.9% stake in Mukesh Ambani’s Reliance Jio platform — India’s largest telecom player by the <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-collaborates-with-mark-zuckerbergs-facebook-to-launch-digital-literacy-program-in-india/articleshow/70066803.cms">number of subscribers</a> ⁠— and in early trade, Reliance Industries (RIL) <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">share price jumped up as much as 7.5%</a>. This is because Facebook’s Mark Zuckerberg has paid a certain premium for a stake in Reliance Jio. The investment has valued Jio at over half of RIL’s total market capitalisation as on April 21. Jio makes up for less than a tenth of RIL’s consolidated revenue which includes other segments like retail, petrochemicals, and oil and gas exploration to name a few. <div type="image" title="RIL" msid="75286310" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries&amp;#39; share price today morning, April 22&amp;lt;/p&amp;gt;"></div> What is the real worth of Reliance Jio? On April 14, HDFC Securities valued Jio at ₹4.8 lakh crore. For every share of RIL which was worth around ₹1,400 then, JIo was estimated to be ₹811 — 57.9% of the market cap. Deven Choksey, the managing director of KR Choksey Shares &amp; Securities told Business Insider, on April 21, that he valued Jio at ₹550 rupees a share when RIL was trading at around ₹1200. Based on a market cap ₹7.8 lakh crore, Jio would be worth ₹3.4 lakh crore by Deven's estimate. At a <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">pre-deal value of ₹4.4 lakh crore</a>, Zuckerberg’s buy-in is about 33% higher than what Choksey had estimated on Tuesday. This explains why RIL’s shares have spiked in a market that’s bearing down due to the impact of Coronavirus. Why Facebook needs Jio The reason Zuckerberg’s investment makes sense is because Jio is likely to be the fastest-growing segment for Reliance in the post-COVID world. Even though the Reliance subsidiary is only three-and-a-half years old, it has stolen the top spot from others like Vodafone and Bharti Airtel to become the largest telecom player in the country making it an attractive buy-in for the US company. “The recent tariff hike should still allow Jio’s EBITDA (earnings before interest, tax, depreciation and amortization) to rise 78% YoY [year-on-year] in FY21. Strong telecom and a weaker rupee will offset big cuts in petrochemicals, refining and retail as FY21 EPS rises a small 1.6% YoY,” estimates capital market and investment group, CLSA. It’s also a way for Facebook to gain an edge in the Indian market which has largely been a duopoly between Facebook and Google when it comes to digital solutions for over a decade. The duopoly that has recently been threatened by ByteDance making inroads with its mobile apps like TikTok and Resso. Entering India hand-in-hand with Jio will give Facebook access to its 370 million subscribers. There are over 451 million active internet users in the country today with the number estimated to rise beyond 600 million in the coming year, according to Internet and Mobile Association of India (<a href="https://cms.iamai.in/Content/ResearchPapers/d3654bcc-002f-4fc7-ab39-e1fbeb00005d.pdf">IAMAI</a>). What does Asia’s second-richest man get from the deal? For Ambani, CLSA forecasts that big deals like the one between Ambani and Zuckerberg will help reduce the burden of debt on RIL, which was at about $22 billion ⁠— 2.7 times its EBITDA⁠— at the end of March 2019. CLSA expects that the ratio will fall to 1.7 times in FY22 even before the Jio-Facebook deal was announced. RIL’s plan to reduce its debt also included a stake sale in its energy business to Saudi Arabia’s Aramco. But the crash in crude oil prices has cast a shadow on the stake sale to Aramco. A fresh start for Facebook This could be a new chapter for Facebook who has been trying to crack the Indian market for a while, but precious ventures like FreeBasics and internet.org did not have the <a href="https://www.businessinsider.in/tech/news/mukesh-ambani-and-mark-zuckerberg-are-looking-to-create-a-wechat-like-super-app-says-report/articleshow/75174322.cms">expected outcome</a>. It also puts Facebook head-to-head against the likes of Japan’s SoftBank, which normally holds the title of being India’s largest tech investor with over $10 billion invested across the country in unicorns like Flipkart, Ola and OYO. See also: <a href="https://www.businessinsider.in/business/news/facebook-picks-up-10-stake-in-jio-platform-for-rs-43574-cr/articleshow/75283937.cms">Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion</a> <a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-stock-gets-a-50000-crore-facebook-boost/articleshow/75285485.cms">Facebook’s investment in Reliance Jio boosts RIL share value by ₹50,000 crore</a>

Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio

<ul><li>Facebook founder and CEO <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> opened up about his $5.7 billion investment in Asia’s richest man <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>. </li><li>Zuckerberg has reaffirmed his interest in India – the largest user base for Facebook and <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword>. </li><li>The Facebook-Jio partnership will also become the testing ground for innovation for WhatsApp. </li></ul>Social media giant Facebook announced its first quarter earnings to report a revenue of $17.74 billion on Thursday. During the call, Facebook founder and CEO Mark Zuckerberg also opened up about his $5.7 billion investment into Reliance Jio led by Asia’s richest man Mukesh Ambani. The largest tech deal in India stoked interest along with rumours that Zuckerberg and Ambani will come together to build a super app. And now, Zuckerberg reaffirmed his interest in India – the largest user base for Facebook and WhatsApp. “By bringing together JioMart, which is Jio's small business initiative to connect millions of shops across India with WhatsApp, we think that we're going to be able to create a much better shopping and commerce experience. And there's a lot more that we can do here, and I'm looking forward to making progress with the team at Jio,” he said during the call. The country with the largest WhatsApp community With the investment in Jio, Zuckerberg is reinstating his faith in e-commerce. He said that on WhatsApp, they have started rolling out things like catalogs and working on payments through which complete transactions can take place. He also spoke about WhatsApp’s click to messaging ads for businesses. And a lot of it could possibly begin with the Jio partnership in India. “From what they have described to us, JioMart’s vision is that there are millions of small businesses and shops across India and they want to try to help get them on to a single network that you'll be able to communicate with through WhatsApp and do payments online through WhatsApp. So I think of that as a great, very large example of how we can wire up and help small businesses in the country where we have the largest WhatsApp community,” said Zuckerberg. The Facebook-Jio partnership will also become the testing ground for innovation for WhatsApp. Zuckerberg confirmed that all the products and technology that they're building to enable the Jio partnership are going to be things that they want to do around the world. ‘The need to build digital storefronts’ Interestingly Zuckerberg also spoke about how the coronavirus pandemic has resulted in many businesses shutting down their physical storefronts and this brings about the need to build digital storefronts. And this is exactly what the Reliance acquired startup Nowfloats promises to do. In December 2019, RIL invested $20 million for a majority stake in Nowfloats – a startup that helps businesses and individuals, who don’t have any web developing skills, build an online presence. Jasminder Singh Gulati, co-founder of NowFloats, tweeted about the coincidental chronology of events after Zuckerberg spoke about digital storefronts. “Our app NowFloats Boost, builds storefronts using chat, in a minute or so, with just about 5 interactive messages (it was via 4 SMS when we started in 2013). Jio acquired a majority stake in NowFloats last year,” he wrote. See Also: <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-is-much-closer-to-a-super-app-than-mukesh-ambani-or-mark-zuckerberg/articleshow/75447200.cms">Vijay Shekhar Sharma is much closer to a super app than Mukesh Ambani or Mark Zuckerberg</a> <a href="https://www.businessinsider.in/tech/apps/news/mukesh-ambani-wants-to-be-alibaba-with-reliance-jio-super-app-and-investment-from-facebook/articleshow/75343540.cms">To be India’s Alibaba, Mukesh Ambani wants a super app with Facebook⁠— but an all-in-one app is not known to work so far</a>

On Facebook earnings call, Mark Zuckerberg opens up about his deal with Mukesh Ambani’s Reliance Jio

New Delhi, Apr 23 () Facebook Inc's USD 5.7 billion investment in Jio Platforms, subsidiary of Reliance Industries Ltd (RIL), will help to monetise the digital platforms of both companies and aid in deleveraging of RIL's balance sheet, Fitch Ratings said on Thursday. Facebook's investment for a 9.99 per cent stake in Jio Platforms is the single-largest FDI in the Indian telecoms and technology sector. Reliance Jio, the wireless market leader with around 390 million subscribers, is a subsidiary of Jio Platforms. At the same time, Reliance Retail, RIL's retail arm, has also partnered with Facebook's WhatsApp to allow RIL's e-commerce business users to use the WhatsApp platform. Fitch said it had in August last year revised the outlook on RIL's 'BBB' rating to 'positive' and may upgrade to 'BBB+' if "net adjusted debt/EBITDA ratio improves to below 1.5x on a sustained basis". "The deal is part of RIL's plan to strengthen its businesses and to achieve a net cash position - through partnerships and supported by organic growth and lowcapex," Fitch said in a statement. "We expect the partnership with Facebook to bolster RIL's consumer business in the medium term." The rating agency said the proceeds from the transaction should help RIL maintain the pace of its deleveraging - counteracting the likely weakness in its refining and petrochemical segment during 2020-21. Fitch expects RIL's oil-to-chemical segment to face volume and margins headwinds due to the impact of the COVID-19 pandemic in line with the industry trend. "We expect the pandemic to weaken demand for refined products and petrochemicals in Asia-Pacific during 2020, with a gradual recovery through 2021 to pre-COVID-19 levels. However, RIL should be less affected than peers, due to the high complexity of its refineries and integrated petrochemical operations with feedstock flexibility," it said. The deal, it said, will allow both Facebook and Jio to monetise their digital platforms, engage customers online, and provide direct connectivity between users and merchants. Usage of digital platforms is likely to grow significantly in the medium-term amid severe disruptions caused by lockdowns and social distancing measures. Increasing reliance on digital platforms might also assist RIL in gaining market share in India's growing e-commerce segment, and soften the impact of lower footfalls in its physical retail stores. "Jiomart, which is a market-place platform and built in partnership with small merchants and 'kirana' (small neighbourhood retail store) shops, will allow users to buy goods and services using WhatsApp and Facebook Messenger. Jio Platforms will focus on introducing digital solutions for 60 million micro, small and medium businesses; 120 million farmers; 30 million merchants; and millions of SMEs in the informal sector," Fitch said. On its part, Facebook is likely to be able to expand its platforms - including Facebook Marketplace, Instagram Shopping and Facebook Pay - to help SMEs set up virtual shops on such platforms and sell goods and services. Facebook plans to roll out WhatsApp Payments in India and other countries this year, after having tested this with a million people in India in 2018. WhatsApp Platform, which has started charging businesses, is still offered free to retail users globally, it said. Facebook reported 641 million daily active users (DAU) in APAC in 4Q19, up by 14 per cent year-on-year and now contributing around 39 per cent of overall 1.7 million DAUs. India is the single-largest market with about 330 million monthly users, and also one of the fastest-growing markets for Facebook. WhatsApp's messaging app also has the largest user base in India, with about 400 million users. "We believe internet users in the country will rise to at least 800 million by 2022, up from around 600 million in 2019 as India overtook the US to become the world's second-largest smartphone market after China by unit shipments in 2019. DAUs represented around 66 per cent of 2.5 billion monthly active users in December 2019," Fitch added. ANZ DRRDRR

Facebook deal to help Reliance monetise platforms, deleverage: Fitch

<ul><li>The world was waiting to see two of the planet's richest men speak to each other and while they delivered some headlines, there was little chemistry to show.</li><li>Despite the multi-million dollar deal between the two companies, <keyword id="10437346" type="UNKNOWN" weightage="20" keywordseo="zuckerberg-and-ambani">Zuckerberg and Ambani</keyword> were asking each other questions that should have ideally been answered before their partnership. </li><li>Here are the highlights of the 40-minute conversation between two of the richest men in the world.</li></ul>Two of the richest men in the world, <keyword id="624769" type="PERSON" weightage="20" keywordseo="Facebook-CEO-Mark-Zuckerberg">Facebook CEO Mark Zuckerberg</keyword> and <keyword id="705208" type="POSITION" weightage="20" keywordseo="Reliance-Industries-Chairman">Reliance Industries chairman</keyword> <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, agree on one thing. If the pandemic had hit even five years earlier, India would not have been ready. However, the headlines were few and far between. Their individual dispositions were exemplified by the lack of chemistry between the two of them during the last session of Facebook's <a href="https://www.facebook.com/watch/live/?v=1851422635011183&amp;ref=watch_permalink">Fuel for India 2020</a> conference. In fact, it seemed like the two of them didn’t know each other as well as business partners should, considering the massive amount of money <a href="https://www.businessinsider.in/business/news/mukesh-ambani-gave-google-and-facebook-a-discount-on-reliance-jio-stake-heres-why/articleshow/77032126.cms">Facebook has invested in Jio.</a> Both Ambani and Zuckerberg praised each other and asked questions that, one would suppose, would have been addressed before the investment was made. The chat between <a href="https://www.businessinsider.in/business/corporates/news/microsoft-top-boss-satya-nadellas-conversation-with-mukesh-ambani-asias-richest-man/articleshow/74278962.cms">Microsoft chief Satya Nadella and Ambani</a> was a bit more free-flowing than this one. But that was also before the pandemic and they were sitting next to each other. <div type="image" title="ambani_nadella_edited" msid="79740206" hostid="261" caption="&amp;lt;p&amp;gt;Mukesh Ambani and Microsoft CEO Sataya Nadella in February 2020&amp;lt;/p&amp;gt;"></div> Zuckerberg and Ambani may have been inconvenienced by the fact that it was a video call. But, one can't be reprimanded for expecting the ‘architect of the digital network of the world’ (how Ambani described Zuckerberg) and the man turning India into a digital society to be a bit more comfortable with technology given their shared vision of a hi-tech future. The entire transcript of their conversation, which lasted over 40 minutes, was around 11 pages long. We, at Business Insider India, have shrunk the tete-a-tete down to the most important things that you need to know. Here are some of the highlights from the conversation between Ambani and Zuckerberg on December 15: Zuckerberg: [..] So I'm curious from your perspective how is India doing right now? When you expect things are going to return to normal? And, I know that Reliance has taken a number of big steps to help the community in the country. It's been a big year for you. I'm curious to hear how your company adapted to help you move forward in the midst of this pandemic. Ambani: [Ambani spoke a lot about what the government, the Reliance Foundation and his teams had contributed to the COVID relief efforts before answering how he sees the current situation in India.] Mark, sometimes I wonder that if the pandemic had struck India just four or five years earlier, we would have not been in as good a shape as what we are today. With all the connectivity we have, and the credit for that must go to our Prime Minister's Digital India vision, where he motivated the entire industry to roll out broadband in the first five years of his first term. And, during the pandemic. India has attracted the largest foreign direct investment in its history, Mark. We have our own example of how Jio and Facebook concluded our partnership. Right in the middle of lockdown. [..] And, I believe, Mark, that our actions will speak louder than our words in the coming months and years time here. Zuckerberg: One of the big opportunities that I see with this partnership, Facebook and Jio partnership, is the role that we can play together in supporting the millions of small businesses in India especially now with the impact that COVID is having accelerating the move that a lot of businesses have from physical storefronts to digital ones and in this digital future. So, I'm curious — what role do you see technology, playing in this post COVID world? Especially as it relates to all of these small businesses that I know you share a passion with me that is just critical that we serve them. Ambani: Absolutely, Mark. And, let me point out a very unique feature about our partnership. Perhaps, not many people have understood this, but before this partnership I believe that each one of us was mainly a communication platform. Together, we now have become a value creation platform for our customers and small businesses. And, I firmly believe that technology with all the digitization steps that India has taken will democratize wealth and value creation for individuals and small businesses. And, let me explain this very simply, Whatsapp has hundreds of millions of subscribers in India Jio has hundreds of millions of subscribers in India. Jio Mart, which is our retail service, actually has the aspiration of serving tens of millions of small shopkeepers in India, who are the bedrock of employment. So, what does this mean? This means Jio brings digital connectivity. WhatsApp, now with WhatsApp brings digital interactivity and the ability to move to close transactions and create value. And, Jio Mart brings the unmatched online and offline retail opportunity that gives our small shops, which exist in villages and small towns in India, a chance to digitize and be at par with anybody else in the world. [...] Zuckerberg: I'm curious as you look ahead to the future in India — what other technologies or developments are you excited about now? Where do you see the country in the next five to 10 years? Ambani: Well, as I mentioned to you, Mark. I really see India accelerating as a premier digital society. I see us integrating 5G. [...] We also think that compute, and very low latency compute is real.I think that there is a great opportunity for really bringing education and healthcare with the second generation reforms that were done in the last six months, right. [...] And, I think that in a span of 10 years, we can set for ourselves an objective to really reskill India and the talent that you talked about can improve 10x. Today, you're just seeing the creamy layer. But, that's what technology can do to really make a better India in a better world. The same thing we can do in health, and all the emerging technology and integrations where we can make sure that we deliver services and we deliver good proactive healthcare. [..] And, that is why I think that the next two decades are going to be historic in terms of the social and economic transformation. Zuckerberg: It always blows me away that India has more than 60 million small businesses and millions of people around the country rely on them for jobs. That's a big part of what I hope that our partnership can serve here. We support more than 50 million WhatsApp business app users globally every month already and more than 15 million of these are in India. As you said, now, I can’t imagine going through the pandemic 10 years ago or even two decades ago when the internet was still nascent. It would have been a completely different experience. And, technology, of course, is allowing us to make sure that we can get accurate information out to people that has implications on health, education and helping serve people better. I think it shows a lot of the promise for what's ahead and I think we've certainly fared better now than we would have if the pandemic hit us before. Ambani: I couldn't agree more, Mark. [...] I call you the ‘architect of the digital network of the world’. While I have built some connectivity and broadband connectivity in India, you've done that for the world.Please share with us your experience of as the digital architect of the world, how your global Facebook experience has helped people in this crisis and your perspective of the crisis and where you see the world today and where it is going? Zuckerberg: [...] We just launched WhatsApp payments in India last month. So you can send money to your friends and family through WhatsApp as easily as sending a message and that was possible because of the UPI system that has been built in via unified payments interface so it makes it easy for anyone to instantly accept payments across different apps. I think we're working with 140 banks, or it's supported by 140 banks out of the gate. And, India's the first country in the world to do anything like this now. So we're grateful to be able to support this kind of innovation to help to work to create more prosperity and help achieve a more Digital India. In fact, I think that a lot of other places around the world are going to be better off when they follow some of this lead that India has set in creating public goods like this. [...] Ambani: I hope that the rest of the world learns from Indian policy, and what Facebook is able to achieve in India. We as Indians will be very proud if Facebook says we did it first in India, and then took it to 100 countries. I look forward to working with you on that. Mark, all of us would love to know your views on how the world is changing. And, what you and Facebook are thinking about. And what you see the future as. Just give us your perspective, Mark. Zuckerberg: [He spoke about how technology is empowering individuals, not just businesses and how it has been “incredibly democratising”.] We’re now on the next step with now great 4G and coming 5G networks. Video is really becoming the primary way that people share. Anyone can learn and capture something on their phones and then share it or stream it. Increasingly people are able to consume that. Video is just a lot richer of a medium than photos. Even when my daughters took their first steps, I wanted to capture a video of that and share it, not just a photo. But I don't think video is the end of the line. So, a lot of what I'm focused on is creating a helping screen virtual reality and augmented reality, so that way we can share not only the video of an experience, but you can use virtual reality to go into an experience and feel like you're right there. You can have holograms of digital objects that can kind of be as realistic as the physical objects that are there. Meaning in five or 10 years when we're having this conversation, it will just be a hologram version of me sitting on the couch next to you instead of having to do this over a screen. It'll feel a lot more realistic. A big part of why I was excited to partner with you is because there are not many people around the world, who've just gone industry after industry revolutionized them and improve them, and continue to do it and have that hunger to improve the lives of so many people so I just have a deep admiration for that. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/pornhub-adult-video-streaming-website-deletes-over-9-million-videos-to-remove-child-porn/articleshow/79732612.cms">Two in every three Pornhub videos are gone after a purge to remove child porn</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-ceo-aditya-puri-says-banks-must-change-every-3-4-years/articleshow/79734617.cms">"Banks must change every 3-4 years," says Aditya Puri, the recently retired chairman of HDFC Bank, dubbed as 'the world's best banker'</a> <a href="https://www.businessinsider.in/business/ecommerce/news/after-zomato-swiggy-scales-down-its-grocery-ambitions-leaving-the-market-open-for-jiomart-bigbasket-amazon-and-others/articleshow/79739364.cms">After Zomato, Swiggy scales down its grocery ambitions – leaving the market open for JioMart, BigBasket, Amazon and others</a>

Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them

<ul><li>The Facebook deal is part of value unlocking by RIL to cut debt. </li><li>The latest deal is a win-win for both Facebook and Jio. It would give Facebook deeper access to India, the second largest internet market after China.</li><li>Jio was reportedly in talks with Google too but the fate of those discussions is not known. </li></ul>Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 10 per cent stake in the firm that houses billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s telecom arm Jio as the social media giant looks to expand presence in its largest market in terms of subscriber base. "Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms Ltd, part of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd, making Facebook its largest minority shareholder," the company said in a statement. Reliance in a separate statement said the investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion, assuming a conversion rate of Rs 70 to a US dollar). "Facebook's investment will translate into a 9.99 per cent equity stake in Jio Platforms on a fully diluted basis," it said. Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), houses digital services of the group. Reliance Jio Infocomm Ltd, with 388 million subscribers, is a wholly-owned subsidiary of Jio Platforms. The Facebook deal is part of value unlocking by RIL to cut debt. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet. It has been talking to Saudi Aramco for sale of a 20 per cent stake in its oil-to-chemical business for an asking of USD 15 billion. RIL has already tied up with BP Plc for fuel business as it targets to have a debt-free status by next year. Jio was reportedly in talks with Google too but the fate of those discussions is not known. The latest deal is a win-win for both Facebook and Jio. It would give Facebook deeper access to India, the second largest internet market after China. Facebook already has 400-plus million Whatsapp users in India and is looking to launch a payment offering. Having a local partner could help it in navigating various regulatory issues, including those related to privacy and local storage. Also, having a good telecom partner could help Facebook improve its reach to masses. From an RIL perspective, it could leverage on Facebook's technology expertise and talent pool as well as help in its ambitions to make Jio a digital company. This apart, the deal would aid the company achieving zero debt status by March 2021. Since launching Jio in 2016, RIL has emerged as the only Indian company capable of competing with US tech groups in the fast-growing Indian market, expanding from mobile telecom into everything from home broadband to e-commerce. Jio has emerged as the number one telecom operator in India, both in terms of traffic as well as revenue in a virtual two-player market since the third player, Vodafone-Idea is struggling under regulatory burden. Jio's main competitor is Bharti Airtel. Facebook said the investment "underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country". "In less than four years, Jio has brought more than 388 million people online, fueling the creation of innovative new enterprises and connecting people in new ways. We are committed to connecting more people in India together with Jio," it added. Together with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any other single country. The number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017. "The partnership between Facebook and Jio is unprecedented in many ways. This 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," RIL said. "The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalisation, within just three-and-a-half years of launch of commercial services, validating RIL's capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value," the statement said. See also: <a href="https://www.businessinsider.in/tech/news/cognizants-ransomware-attack-is-making-peers-like-tcs-and-infosys-nervous-and-they-are-beefing-up-security/articleshow/75271532.cms">Cognizant's ransomware attack is making peers like TCS and Infosys nervous — and they are beefing up security</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">TCS CEO says the business model is 20 years old and it's time to go employee-lite</a> <a href="https://www.businessinsider.in/business/news/without-rbis-help-rupee-value-might-slump-to-80-per-dollar-says-report/articleshow/75273796.cms">Without RBI’s help, Rupee value might slump to 80 per dollar says report</a>

Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion

<ul><li>Facebook top advertisers have been pulling money away and the company is hoping that Jio and Novi will come to its rescue. </li><li>The job openings at the social network have dipped by 50% over the last six months, but Facebook continues to hire at senior level positions within its financial services. </li><li>GlobalData analysts believe this because Facebook is looking to strengthen its advertising platform to ensure revenue going forward. </li></ul>The Facebook boycott came to an end and barely managed to register on the social networking behemoth’s balance sheet. However, Facebook has its eye on the ball and is betting on its recent investment in <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance and digital wallet Novi — formerly known as Calibri — to continue bringing in ad revenue. The number of job openings at Facebook that used to pop up were down by nearly 50% at the end of July. GlobalData job analytics database estimates that there were about 1,102 job postings in January but only 551 in July. Even though the overall number of jobs at Facebook dipped, prominent openings were spotted for senior-level positions at the company within payments, e-commerce and advertising. “Though it has not yet had a big impact on the company's earnings, Facebook seems to be concerned that more companies will join the bandwagon, prompting the social media giant to hire senior personnel in the advertising space,” Autojyoti Bose, the lead analyst at GlobalData said in a statement. Facebook job openings at senior level positions Facebook investment in Jio Platforms is in conjunction with JioMart — an online grocery delivery platform. The deal is seen as a strategic move by Facebook to roll-out its payments platform, WhatsApp Pay, in India where other players have already established themselves like Google, Paytm, and PhonePe. In May, Facebook rebranded Calibra to Novi to distance itself from the bad press around its cryptocurrency project. While Libra will continue to operate independently from the company, Novi is purely a Facebook project. The plan is for Novi’s first product to be a cryptocurrency wallet. While one doesn’t need a Facebook or WhatsApp account in order to sign up for the digital wallet, it will be directly accessible from either app. In addition to Novi and Jio, Facebook Financial is a new division that was created to add payments and financial services to the company’s existing line of products. Researchers at GlobalData believe the underlying reason is the drive commerce and advertising bottom line — bring in more money. Here are some of the positions that Facebook was seen hiring for over the last three months: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/public-policy-director-novi-at-facebook-1967971811/">Public policy director</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Novi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/treasury-director-calibra-at-facebook-1832530539">Treasury director</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Calibra </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/director-business-development-calibra-financial-services-at-calibra-1861218098">Director of business development</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Calibra financial services </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.facebook.com/careers/jobs/914933279022178/">Director of WhatsApp payments in India</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">WhatsApp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.facebook.com/careers/jobs/745569989344909/">Product marketing director of payments and commerce in the US</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.facebook.com/careers/jobs/810262572713932/">Product marketing lead direct of e-commerce marketplace in the US</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://sg.linkedin.com/jobs/view/director-of-payment-partnerships-apac-at-facebook-1801485586">Director of payment partnership for the APAC region</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.glassdoor.com/job-listing/revenue-accounting-director-ads-facebook-JV_IC1147371_KO0,31_KE32,40.htm?jl=3580098354">Revenue account director of ads in the US</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/data-engineering-manager-analytics-ads-business-platform-at-facebook-1855914307">Data engineering direct for ads</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/product-management-lead-business-opportunities-at-facebook-1505199517/">Director of advertising onboarding programs and small business group</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/1993138244/?eBP=NotAvailableFromVoyagerAPI&amp;recommendedFlavor=IN_NETWORK&amp;refId=4d53b561-3629-486d-8fbc-5813b92f871b&amp;trk=flagship3_search_srp_jobs">Product Growth Manager - India</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.linkedin.com/jobs/view/1975370693/?eBP=JOB_SEARCH_ORGANIC&amp;recommendedFlavor=SCHOOL_RECRUIT&amp;refId=4d53b561-3629-486d-8fbc-5813b92f871b&amp;trk=flagship3_search_srp_jobs">Small Businesses (SMB) Research Manager</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Instagram </td></tr></tbody></table> The boycott, called #StopHateForProfit, led to over 1,000 companies pulling their millions from Facebook. Of the social network’s top 20 advertisers, five are keeping their money away. This includes Microsoft, Unilever, Diageo, Coca-Cola and CVS. In 2019, these companies combined spent a total of $237.4 million on ads on Facebook, according to data by Pathmatics. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/the-heat-is-on-mark-zuckerberg-in-india-as-facebook-and-whatsapp-incur-the-ire-of-modis-rivals/articleshow/77575358.cms">The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals</a> <a href="https://www.businessinsider.in/business/startups/news/its-not-just-tiktok-its-clone-apps-in-india-too-have-a-beeline-of-investors/articleshow/77606019.cms">It's not just TikTok, its clone apps in India too have a beeline of investors</a> <a href="https://www.businessinsider.in/careers/news/it-and-media-employees-are-in-no-hurry-to-get-back-to-office-not-until-there-are-proper-policies-in-place/articleshow/77486082.cms">IT and media employees are in no hurry to get back to office — not until there are proper policies in place</a>

You Searched For "facebook reliance deal" and got 7 results

WhatsApp is the secret sauce in the deal between Facebook and Reliance Jio

Prabhjote Gill

Here's why Facebook's Mark Zuckerberg is paying top dollar for a stake in Mukesh Ambani's Reliance Jio

Prabhjote Gill

On Facebook earnings call, Mark Zuckerberg opens up about his deal with Mukesh Ambani’s Reliance Jio

Sanchita Dash

Facebook deal to help Reliance monetise platforms, deleverage: Fitch

PTI

Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them

Prabhjote Gill

Mark Zuckerberg's Facebook picks up 9.9% stake in Mukesh Ambani's Jio for $5.7 billion

PTI

Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio

Prabhjote Gill

Popular Keywords

Buying Guides