Facebook will invest Rs Rs 43,574 crore in Jio Platforms, and the two companies announced the signing of a binding agreement on the morning of April 22.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, brings together Jio’s leading digital apps, digital ecosystems and India’s high-speed connectivity platform under one umbrella.

Reliance Jio Infocomm Limited, which provides connectivity platforms to over 388 million subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

As one of the largest countries in the world, India is home to some of Facebook’s most thriving communities on WhatsApp, Facebook and Instagram.

According to data by Statista, India is the leading country globally in terms of user base for Facebook. There are as many as 260 million Indians that use Facebook as of January, making it the leading country in terms of Facebook audience size.

The US follows India at distant second position as the country has 180 million Facebook users.

Plus, Facebook-owned instant messaging app, WhatsApp, too has a strong user base in India. Out of two billion users all over the world, the largest market for the platform in terms of users is India.

NITI Aayog CEO Amitabh Kant, at a press conference in 2019, revealed the user stats for Facebook, according to which WhatsApp in India had over 400 million users, making India its biggest market.

In the last five years, more than 560 million people in India have gained access to the internet.

The Facebook-Jio deal will enable new opportunities for businesses of all sizes in India.

Amid all businesses the focus will be especially on 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.

Plus, the partnership between the two digital giants assumes special significance for India in the current situation when not just the country but businesses across the globe have been impacted due to the coronavirus outbreak.

Digitalisation has become more important than ever and Indians have realized it after the disruptions caused by the pandemic.

In the post-COVID-19 era, comprehensive digitalisation will be an absolute necessity for revitalisation of the Indian economy.

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