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.
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.