Facebook, Intel-Backed Reliance Jio Launches Zoom Competitor In India

Reliance Industries Ltd.'s digital services arm Jio Platforms has formally launched its video conferencing app JioMeet in India.

What Happened

The app, which has a very similar user interface to that of Zoom Video Communications Inc. 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. FB has a 9.99% stake in Jio, acquired for $5.7 billion in April.

Intel Corporation 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

Posted In: ChinaJioMukesh AmbaniNewsGlobalTech

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.