Recently, the social media giant, Facebook, had made a $5.7 billion investment in Jio Platforms Limited which is owned by Reliance Industrie’s Mukesh Ambani. The investment gives Facebook a 9.99% stake in Jio Platforms and gives it a pre-money enterprise value of $65.95 billion.
Facebook had said that it will work with Jio to create new ways for people and businesses to operate more effectively in the growing digital economy. This could include bringing together JioMart, Jio’s small business initiative, and WhatsApp to connect people to businesses and shops. The move is timely as Facebook is gearing to launch a payment feature for WhatsApp in India.
However, it may seem that there are many other industrialists who are working towards making their own ‘Super App’.
Vijay Shekar Sharma, Co-Founder of Paytm, in a recent interview with Business Insider, has said that he has always wanted to give his app users a complete experience. He wants to create a one-stop solution for all its customers’ problems.
But can it be argued that Paytm has come closer to becoming a super-app?
If we take a look at the app’s evolution, it started off as merely a digital wallet but is able to provide various financial services today. From recharging to paying bills or booking flights or train tickets, the app has a lot of services to offer.
In fact, in 2019, Paytm’s former Senior VP Deepak Abbot had said in an interview that Paytm has been created as a super app that is an all-rounder financial enabler.
Facebook & Reliance Jio might be gunning for something more extraordinary with their collaboration but it could be easily said that Paytm has been a step ahead with its app model.
