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Reliance Industries Ltd.'s digital services arm Jio Platforms has formally launched its video conferencing app JioMeet in India.
What Happened
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The app, which has a very similar user interface to that of Zoom Video Communications Inc. (NASDAQ:ZM), is now available across platforms, including on Android, iOS, Windows, and macOS devices.
Jio had launched a beta version of the app in May, as the novel coronavirus (COVID-19) pandemic-related lockdowns increased the demand for video conferencing in the country.
Social media giant Facebook Inc. (NASDAQ:FB) has a 9.99% stake in Jio, acquired for $5.7 billion in April.
Intel Corporation (NASDAQ:INTC) has also put in $253.5 million in the company led by Asia's richest and world's ninth richest person Mukesh Ambani for 0.39% stake, Jio announced Friday.
Why It Matters
The launch of JioMeet comes at a time when Indians are increasingly looking to shift to local software amid tensions over a border dispute with China.
The Indian government earlier last week banned 59 Chinese apps in the country, including popular video social media platform TikTok.
Zoom has seen a significant surge in usage in India during the pandemic, but JioMeet is likely to eat into its market share. At press time, JioMeet had more than 1 million downloads on Google Play Store alone, less than a week into its launch.
Image: JioMeet
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.