SUMMARY
Ambani also said that there has been an encouraging response from JioMart and WhatsApp integration in limited geographies in the country, and interesting feedback has come up which is being worked upon
Last year, the social media giant invested $5.7 Bn (INR 43,574) in Jio Platforms, making Facebook a 10% shareholder in the company
While Facebook’s investment in Jio brought two money-spinning behemoths together, there are many unanswered questions about how this partnership will play out
Jio and Facebook-owned WhatsApp are jointly developing new solutions to connect merchants with users and they will be launched in the next few quarters, Reliance Industries chairman Mukesh Ambani said in its annual general meeting in Jamnagar on Thursday (June 24).
Ambani also said that there has been an encouraging response from JioMart and WhatsApp integration in limited geographies in the country, and interesting feedback has come up which is being worked upon.
RIL shares were trading at INR 2147.8 at 3:35 PM IST, down 2.61% from the day’s opening.
Last year, the social media giant invested $5.7 Bn (INR 43,574) in Jio Platforms, making Facebook a 10% shareholder in the company. Interestingly, it was the first investment announcement that kickstarted a $44 Bn fundraising blitzkrieg for the company where marquee investors like Google, Silver Lakes, KKR, General Atlantic, among others.
“This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country,” Facebook CEO Mark Zuckerberg had said at the time. While Facebook’s investment in Jio brought two money-spinning behemoths together, there are many unanswered questions about how this partnership will play out.
Until now, WhatsApp has taken a regulatory beating in India, but one cannot ignore the luck the Facebook-Reliance Jio deal has brought it. Facebook and WhatsApp moved the Delhi High Court on June 21 seeking to stay the Competition Commission of India (CCI’s) investigation into WhatsApp’s new privacy policy updates that were rolled out in January 2021.
A Delhi HC bench consisting of Justices Anup Jairam Bhambhani and Jasmeet Singh said it will pass an order on the social media company’s application.
Facebook and WhatsApp appeals in the Delhi HC are currently pending before another bench headed by the Chief Justice, hence the examining bench on June 21 did not pass an interim order. The matter will be listed on July 9.
The Delhi HC had earlier issued notices on the CCI hearing appeal submitted by Facebook and WhatsApp, while instructing the Centre to respond to the appeal. In March 2021, the competition regulator ordered an investigation into WhatsApp’s privacy policy update.
While rolling out the new privacy policy update worldwide in March, WhatsApp said that it would share more user data with parent company Facebook, particularly related to business transactions on WhatsApp, other activity as well as device-level information from users. The move is tied to WhatsApp’s bigger ecommerce play as well as its super app ambitions in India.
WhatsApp told users that those who do not accept the amended privacy policy, within February 8, 2021, may no longer be able to access WhatsApp chats or groups. However, the company decided to delay this process till May 15, 2021, after massive backlash from users. It has decided to go ahead with the policy nonetheless, despite protests from civil rights groups and the central government.
