Facebook Invests USD 5.7 Billion in Digital Farm in India

Source: Tanjug

Thursday, 23.04.2020.

09:35

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Facebook has taken a huge stake in the digital arm of a massive Indian conglomerate, as the U.S. technology giant makes a bigger push into what it sees as one of its biggest growth markets.

The social network made a USD 5.7 billion investment in Jio Platforms Limited, owned by Reliance Industries which is run by billionaire Mukesh Ambani, CNBC reports.

The investment gives Facebook a 9.99% stake in Jio Platforms and gives it a pre-money enterprise value of USD 65.95 billion.

India is key for Facebook’s WhatsApp messaging service which has over 400 million users in the country.

Facebook said it will work with Jio to create “new ways for people and businesses to operate more effectively in the growing digital economy.”

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