Mukesh Ambani and Mark Zuckerberg are looking to create a WeChat like super-app says report
- The app will allow users to chat, play games, shop online, book tickets and more.
- The discussions have reportedly been delayed due to the Coronavirus pandemic.
AdvertisementReliance Industries and Facebook are reportedly in talks to create a multipurpose app for India that may change how Indians chat, play games and make payments.
According to an Economic Times report, the two companies are looking to create a
The report suggests that both the companies would bring in technical knowhow, funding and domain expertise for the project. The discussions for the project have reportedly been delayed due to the Coronavirus pandemic.
“This is going to be a defining partnership, and it’s not just a financial investment. The deal is about creating value and a business that would differentiate both Facebook and Reliance,” said a person familiar with the matter.
Facebook is looking to leverage its popular messaging app WhatsApp which crossed 2 billion users earlier this year. While the company has not revealed the number of users in India, it had reported 400 million users in July 2019.
The multipurpose app will reportedly be built along the lines of WeChat that combines digital payments, games, social media, ticket booking and more in one app.
Users will be able to chat, buy groceries from Reliance Retail stores, shop on the company’s Ajio platform or make payments using JioMoney on the new multipurpose app. It’s not clear if the companies will launch a new app for this or add these new functions to WhatsApp.
Facebook may invest in Reliance Jio
Mark Zuckerberg-led Facebook is reportedly looking to acquire a 10% stake in Mukesh Ambani-owned Reliance Jio. However, a source told Economic Times that the situation is ‘fluid’ and it is unclear what the final structure would look like.
“A new company could be created – where both the players could invest; or Facebook could invest in Reliance Jio and Reliance Retail, and that is the way the partnership could be formed for the new venture,” the source said.
AdvertisementThe two companies have reportedly hired top consultants and lawyers in the US to explore various aspects of the deal, including legal and taxation matters.
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