New Delhi: Facebook An online lending firm is partnering with IndiFi to help provide loans to small home businesses, its country chief said on Friday in a push to bring in more businesses to advertise on its platform. Said as part.
Facebook India managing director Ajit Mohan told a virtual news conference, with social media giant IndiFi helping provide loans of up to 20% at annual interest rates ranging from Rs 500,000 to Rs 5,000,000 ($6,719-$67,191). has been
Facebook said it will pay to bolster the small business economy in India as these companies use its apps, including Instagram and WhatsApp, to fuel their growth.
“We don’t want to make money from this program, we don’t have any revenue share… but we are hoping that it will lead to growth in the industry which will ultimately benefit us,” Mohan said. Contribution to the programme.
The loans are available to small businesses that have been advertising on Facebook or its group apps for at least 180 days. And, the program can help more such firms to advertise on the social network and its apps which are highly popular in India.
India is a major growth market for Facebook with over 410 million users, and its WhatsApp Messenger considers the South Asian country with more than 530 million users as its largest market.
Instagram has over 210 million users in India, which also benefited from the ban on Chinese short video platform TikTok last year.
Last year, Facebook invested $5.7 billion in billionaire Mukesh Ambani’s Jio Platforms digital unit, which will allow WhatsApp to provide payment services to millions of mom-and-pop stores.
Separately, WhatsApp plans to deepen its partnership with banks to offer financial services like pension and insurance.
Facebook India managing director Ajit Mohan told a virtual news conference, with social media giant IndiFi helping provide loans of up to 20% at annual interest rates ranging from Rs 500,000 to Rs 5,000,000 ($6,719-$67,191). has been
Facebook said it will pay to bolster the small business economy in India as these companies use its apps, including Instagram and WhatsApp, to fuel their growth.
“We don’t want to make money from this program, we don’t have any revenue share… but we are hoping that it will lead to growth in the industry which will ultimately benefit us,” Mohan said. Contribution to the programme.
The loans are available to small businesses that have been advertising on Facebook or its group apps for at least 180 days. And, the program can help more such firms to advertise on the social network and its apps which are highly popular in India.
India is a major growth market for Facebook with over 410 million users, and its WhatsApp Messenger considers the South Asian country with more than 530 million users as its largest market.
Instagram has over 210 million users in India, which also benefited from the ban on Chinese short video platform TikTok last year.
Last year, Facebook invested $5.7 billion in billionaire Mukesh Ambani’s Jio Platforms digital unit, which will allow WhatsApp to provide payment services to millions of mom-and-pop stores.
Separately, WhatsApp plans to deepen its partnership with banks to offer financial services like pension and insurance.
.