Mark Zuckerberg has reiterated Facebook's commitment to empower India's kirana stores and small merchants.
Mark Zuckerberg has reiterated Facebook’s commitment to empower India’s kirana stores and small merchants. “Small business are core of every economy and they need our support. India has 60 million small merchants and we aim to help them,” Mark Zuckerberg, CEO and founder, Facebook, said during RIL’s virtual AGM. JioMart and Whatsapp will work collectively for kirana and small businesses, Mukesh Ambani said later. Earlier, Facebook picked 9.99% stake in Reliance Jio for over Rs 43,000 crore and the two companies said that they will collectively build India’s small merchants and kirana stores. Both Reliance Jio and Facebook share a strong vision to digitally empower consumers as well as small businesses and entrepreneurs across India, RIL chairman Mukesh Ambani said at the event.
The deal will also help further Mukesh Ambani’s retail dream as Facebook-owned Whatsapp will play a key role in reaching out to target audience. Whatsapp has over 400 million users in India. The company has already launched its JioMart platform in select cities and plans to ramp up its presence even further in coming time. Reliance’s Retail and digital services business are chief contributors to the company’s performance now. “Our consumer businesses continued to deliver hyper growth with an EBITDA growth of 49% this year,” Mukesh Ambani said.
Meanwhile, Reliance Retail is one of the biggest retail companies in India with RIL focusing heavily towards building its retail channel. With the recent Facebook-Jio deal, RIL will be able to build a better retail empire as the company looks to milk India’s budding e-commerce scenario. To rival the likes of Amazon, Snapdeal and Flipkart, Mukesh Ambani-run RIL recently launched JioMart platform which connects kirana stores to nearby shoppers for daily essentials and grocery items. “Reliance Retail is now embarking on a journey to transform traditional retail through its JioMart Digital Commerce Platform. The roadmap to this journey requires Reliance Retail to establish a complex yet robust physical and digital pan-India infrastructure,” the Mukesh Ambani-led company said in its annual results report late in June.