With a USD 5.7 billion (SGD 8.15 billion) investment in India's Jio Platforms, Facebook is now its largest minority shareholder.
"This investment underscores our commitment to India, and our excitement for the dramatic transformation that Jio has spurred in the country," Facebook said in a press statement.
The tech giant said the investment aims to enable new opportunities for businesses of all sizes in India, in particular, the more than 60 million small businesses across the subcontinent. "They account for the majority of jobs in the country, and form the heart and soul of rural and urban communities alike."
A focus of the collaboration between Facebook and Jio will be creating new ways for people and businesses to operate more effectively in the growing digital economy. For example, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, people will be able to connect with businesses, shop and ultimately purchase products in a seamless mobile experience.
"In the face of the coronavirus, it is important that we both combat this global pandemic now, and lay the groundwork to help people and businesses in the years to come," Facebook added.