There could be a new app in India on the lines of China’s WeChat, jointly developed by Facebook and Reliance Jio.
As per an Economic Times report, sources who claim to be in the know indicate that going beyond just messaging, the app may integrate with Reliance Retail to sell items like groceries etc. What’s more the customers could use Jio Money to make the payments for these all within the app to be created.
WeChat is supposed to be the model they are working on. WeChat has features like flight and hotel bookings and so on.
Creating a super app, the report says will benefit RIL not only in offering B2C services for its consumer businesses but will also help it gather insights on spending habits of consumers.
At this stage, the companies appear to be exploring the various options. There could also be a new company created with investment from both parties.
Some delays have occurred due to the COVID-19 lockdown as well, as meetings cannot be held. Reliance Retail is currently busy trying to keep its outlets open in order that people can get the essential items they need.
The rumours of Facebook picking a stake in Reliance Jio has been in the air for some time, some even suggesting it could be around 10%.
Reliance Industries Limited has gone public with the announcement that it is keen on raising finances by selling some of its equity to reduce the overall debt burden on the company’s books. It has already announced a 20% stake sale in the petroleum business to Saudi Aramco for $15 billion. It is said Morgan Stanley has been appointed the investment banker to advise both the companies on how the new entity should be structured. It may be an entirely new venture with Reliance and Facebook holding stakes or a separate arm of Reliance Jio Infocomm.