https://techcrunch.com/2020/04/21/facebook-reliance-jio/ > Facebook has enjoyed unparalleled reach in India for more than a decade. But as China’s fast-growing ByteDance emerges as a formidable competitor in what has become the world’s second largest internet market, the American giant has found the horse it wants to bet on in the new decade. > Facebook announced today it has invested $5.7 billion for a 9.99% stake in India’s Reliance Jio telecom operator with more than 370 million subscribers. The deal valued Jio at a pre-money valuation of $65.95 billion.