[the_ad id="83613"]
Facebook

Reliance and Facebook come together to create a ‘super app’

Facebook

Social media behemoth Facebook and Mukesh Ambani-led Reliance Industries Limited are reportedly working together to develop a multi functional super-app. The key features of the app would include digital payments, social media, gaming along with flight and hotel booking options, among others.

The app would be based on the likes of Chinese super app WeChat and the duo would rope in their funding, technical strength, and domain expertise for the project. Facebook’s Whatsapp platform and its user base is also going to be leveraged for the same.

The deal stands important for Reliance as it would serve the company with dual benefits — getting B2C engagement for its customer business along with achieving group insights on its users’ spending habits. 

The development comes two weeks after Facebook was also in talks to acquire a 10% stake in Indian telecom giant Reliance Jio. If the deal goes through, it would be the third investment for the Mark Zuckerberg-led company in India followed by Meesho and Unacademy

Given the worldwide travel ban due to the coronavirus pandemic, the project has been delayed for now and the final agreement has been postponed. However, commercial due diligence for the project is still underway and Morgan Stanley has been brought in as the investment banker. 

Besides, the negotiations for the deal are also being sectionalised. Both the companies have hired top consultants based in the US to explore all aspects such as legal issues and taxation, stated an ET report

Whether the deal is going to take a form of partnership or a collaboration, or a new  company will be created in which both the players will invest, or Facebook will invest in Reliance Jio and Reliance retail — clarity on all these aspects is yet to be decided.

Meanwhile, Reliance Retail is currently focusing towards keeping its stores running so that consumers get the essential supplies time to time. 

About Author

Send Suggestions or Tips

Facebook

Reliance and Facebook come together to create a ‘super app’

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
Kindly make the payment to confirm your seat for Unicorn trip 3.0. For any other queries/concern: pls drop a email on: [email protected] or [email protected]
X