Reliance-Facebook deal: Grocery stores have 80 percent share in Indian retail market. The valuation of the Jio platform will be around Rs 4.75 lakh crore. This deal will reduce the debt of about 400 million dollars on Jio.This deal of Jio and Facebook will give competition to Airtel-Google.
Mukesh Ambani, the head of Reliance Industries, is behind the biggest deal in the tech sector with Facebook, aiming to capture the $ 700 billion unorganized retail sector. Through this deal, Reliance and Facebook will connect customers with the grocery stores set up in the streets of India. Area experts say that customers will shop at Reliance Jio Marts through Facebook and WhatsApp.
Reliance stated clearly that their eyes are on 60 million MSMEs. Those associated with the unorganized sector. The deal is also a big opportunity for the two companies, as grocery stores account for 80 per cent of the country’s retail industry. Ambani had mentioned at the annual general meeting last year that new commerce creates $ 700 billion of business opportunities in India. Reliance Retail is one of India’s largest retail platform, stocked with all types of consumer goods.
The valuation of the Jio platform will be around Rs 4.75 lakh crore.This deal will reduce the debt of about 400 million dollars on Jio. There will be huge business opportunities for the tech industry, telecom business and social media platform business. Airtel and Google Cloud had a partnership this year to provide the G-suite to small and medium businesses. Now this deal of Jio and Facebook will give competition to Airtel-Google.
“Deals by Jio and Facebook are not only good for these two companies but for the entire Indian economy. It also reflects India’s strong economic position in terms of business after the Corona crisis.” — said Anand Mahindra, Chairman, Mahindra Group.