Amazon.in might be the most visited shopping site in India, but for Jeff Bezos, the founder and CEO of the technology giant, it is still Day 1 in what may be the second-most important market for the firm outside the US.

Bezos, in a letter to customers, said that Amazon now has customers in 100 per cent serviceable pin-codes in the country and is shipping packages from more than 50 fulfillment locations in 13 states.

In battleground India, caught in the middle of two giants Amazon and Walmart Inc worth more than a trillion dollars combined, are the large number of traditional bricks-and-mortar retailers fighting hard to stay relevant. Aiding them in this fight for survival are a few tech companies, who after being at the receiving end of Jeff Bezos’ ambitious plans globally are hoping to finally counter what is now known as the ‘Amazon Effect’.

When asked about what could be the driver for Jeff Bezos’ Amazon business, he pointed out to three possibilities — and India was one of them. Amazon is the biggest e-tailer in India and Jeff Bezos said that investment in e-commerce and technology in India could turn the needle for the company. The other two are award-winning Amazon Studios and Amazon Alexa voice assistant.

Amazon Seller Services, the online marketplace arm of Amazon India, saw its net loss widening to Rs 4,830.6 crore in FY17 against Rs 3,679.9 crore in the preceding year, according to filings with the Registrar of Companies (RoC) and data platform Tofler. Revenue from operations increased 41% to Rs 3,128.7 crore in FY17 from Rs 2,217.9 crore in FY16.

Amazon Pay, the payments business of e-commerce firm Amazon India, saw widening of its net loss in FY17 at Rs 177.8 crore against Rs 7.88 crore a year back, filings with the Registrar of Companies (RoC) and data platform Tofler show. Revenue from operations during the period increased to Rs 4.08 crore from Rs 28 lakh a year back.

Amazon Wholesale India — the business-to-business (B2B) division of e-commerce firm Amazon India — posted a net profit of Rs 2.8 crore for the year ended March 2017 against a net loss of Rs 23.2 crore in the preceding year, according to filings with Registrar of Companies (RoC) and documents sourced by data intelligence platform Paper.VC. Revenue from operations increased to Rs 7,047.3 crore in FY17 from just Rs 2.6 crore in FY16.

MUMBAI: Amazon is leading a $12-million funding round in online-only insurance startup Acko General Insurance, as the e-commerce major takes a bet on the financial services segment in India. Ashish Dhawan, the founder of private equity fund ChrysCapital, has also joined the latest round, along with existing investor N R Narayana Murthy’s Catamaran Ventures.

NEW DELHI: Gone are the days when you could return your Amazon orders as you like, now it might get you banned from the brand’s service. As per the latest update, Amazon recently banned consumers from making purchases on their site for practices like returning too many items.

After Steven Yang left his coveted job at Google, he asked his mother whether he should take venture-capital money to fund his business idea.

If his online consumer-electronics enterprise was a risky bet, she told him, go with the venture capitalists. But if building the business into something great was his destiny, he instead should use her money from a pharmaceutical career in China.

World’s richest man and only centibillionaire Jeff Bezos has a simple success mantra: If you don’t want to be misunderstood, then don’t do anything new or innovative. What he really suggests is that one has to stand firm on her/his ideas and convictions even when others express doubt.

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