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Startup Street: Facebook's Rs 43,574 crore Jio bet; Oyo announces pay cut, furloughs

Updated : April 23, 2020 06:22 AM IST

Oyo is set to put some employees in India on furloughs starting May 4. It has also asked all its employees to take salary cuts of 25 percent from April to July as the company expects its revenues to fall globally due to the COVID-19 pandemic. Oyo had earlier said it has seen revenues drop by more than 50 percent due to the global lockdown. The hotel aggregator has already begun furloughs in international markets.

Facebook will pick up nearly 10 percent in Reliance Industries' digital arm Jio Platforms. It's the largest foreign direct investment (FDI) in India's technology sector.

For this, the US technology giant will shell out $5.7 billion-- which works out to over Rs 43,500 crore. The investment will make Facebook the largest minority shareholder in Jio Platforms, which houses a number of brands including telecom business Reliance Jio.

Simultaneously, Jio Platforms, Reliance Retail and Whatsapp have also entered into a commercial partnership agreement. This looks to further accelerate Reliance retail's new commerce business on Jio-Mart Platform using Whatsapp. The idea is to use the online grocery delivery platform to bring local vendors and small kirana stores online.

Over the past 18 years, CNBC-TV18 has been putting spotlight on entrepreneurs who have been turning their innovative business ideas into reality. The venture has brought you stories of disruptors and entrepreneurial success stories from India and across the globe. Today, on Startup Street, we are taking this one step further with our new segment Elevator Pitch where founders talk about their journey in their style. To make his Elevator Pitch,  Sanjeev Sularia, CEO of Intelligence Node is on the show.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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