Facebook’s WhatsApp, Reliance Retail’s JioMart to make nearby kiranas easily accessible
Facebook CEO Mark Zuckerberg's announcement of investing in Reliance Jio in India also includes WhatsApp and Reliance Retail's collaboration to boost JioMart. For those unaware, JioMart is Reliance Retail's initiative that is supposed to help small merchants connect with consumers. As a part of the commercial pact, WhatsApp and JioMart will let customers connect with nearby 'Kiriana' shops that will boost home delivery.
"WhatsApp already plays an important role in helping people and businesses connect in India. 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. The companies will work closely to ensure that consumers are able to access the nearest kiranas who can provide products and services to their homes by transacting seamlessly with JioMart using WhatsApp," said Jio.
Facebook has said it is investing $5.7 billion in Reliance Jio. In a statement, the company said that as a part of the investment it would collaborate with Jio to create new ways for people and businesses to operate more effectively in the growing digital economy.
"Today we are announcing a $5.7 billion, or INR 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder," Facebook wrote in a press release.
Facebook's investment translates into a 9.99% equity stake in Jio platform on a fully diluted basis. This is the largest investment for a minority stake by a tech company in an Indian firm.