With $1 billion in a year, team India is just fabulous: Amazon CEO Jeff Bezos

September 29, 2014

Amazons Bezos

Bangalore, Sep 29: India has surpassed the highest expectations for Amazon, the company's founder and CEO Jeff Bezos said, promising to keep the money tap open for a business that he announced has sold goods worth more than $1 billion (Rs 6,000 crore) in just over a year of operations.

"We had very high expectations and this team has blown past our highest expectations... It's going extraordinarily well," said Bezos, 50, who is making his second visit to India and his first after Amazon launched its India retail business in June 2013. "The results are very good. Now that's why we are doubling down our investments... If there is an opportunity to invest more, we will. We are not capital-constrained, we are ideas-constrained he said.

In July, Bezos committed to invest $2 billion in India, just a day after India's biggest online retailer Flipkart announced $1 billion in funding, setting the stage for a battle for top honours in a market that retail advisory Technopak expects to be worth $32 billion (Rs 1.9 lakh crore) by 2020.

With an estimated net worth of $30 billion, Bezos is one of the world's richest men and India is crucial to his plans for Amazon, given the country's size and potential, and especially since it has failed to make much headway in China.

Unfazed by Alibaba

His company launched relatively late in this country. Amazon's share price has fallen by around 20% on the Nasdaq this year, and China's Alibaba is flush with cash after its IPO and ready to challenge Bezos around the world, including India. But Bezos, who swears by the credo of long-term thinking, is unfazed.

"Judging just based on results, I would say we have come exactly at the right time," Bezos said in response to a question about whether he has left India until too late, and let out a full-throated guffaw, one of several that punctuated the 40-minute interview.

Amazon's main rivals in India are Bangalore-based Flipkart and Snapdeal, the Delhi-based company that counts eBay, Azim Premji and Ratan Tata as investors. Together, they have sold goods worth more than $4 billion, with Flipkart alone estimated to have crossed $2 billion. Alibaba, too, is keen on India, and the Chinese company has the money, experience and ambition to succeed here.

Does Alibaba's $25-billion IPO earlier this month put Bezos under added pressure? "If so, I haven't felt it," he said, bellowing once again with laughter and reiterating his focus on good business results over the long term.

Asked what was his message for Sachin Bansal and Binny Bansal of Flipkart (both former employees of Amazon India) especially after it appeared to have tauntingly welcomed him with giant billboards across Bangalore, including one outside the Sheraton hotel where he is staying, announcing its upcoming 'Big Billion Day' sale, Bezos refused to be drawn to speak about competition.

"I have this long-standing practice about not talking about other companies. We have a somewhat unusual or rather unique approach of mostly ignoring our competitors," he said.

With revenue of nearly $75 billion in 2013 and a market value of $150 billion, Amazon is best-known as an online retailer. But it also runs a fastgrowing cloud computing business called Amazon Web Services and makes Kindle tablets and Fire smartphones. Bezos, in his personal capacity, bought The Washington Post newspaper last year. In India, Amazon started its technology operation first and employs a total of about 12,000 staff at offices in Bangalore, Hyderabad, Chennai and Delhi.

Dressed casually in beige trousers and a light blue shirt, Bezos was unstinting in his praise for country head Amit Agarwal, whose team has made sure that India is the fastest country to reach $1 billion in gross sales for Amazon. "He is going to blush because I am going to say so many good things," Bezos at the start of the interview said about his former technical advisor at Seattle headquarters.

Some of the innovations by the India operation are being exported to the rest of the world, Bezos said, pointing to its 'Easy Ship' service of delivering goods for sellers who don't stock their products with Amazon.

"I am super excited," he said. Traditionally, Amazon has grown organically but it is open to acquisitions in India, Bezos said, as he spoke of the Indian operation along with AWS, Kindle and fashion as the company's new frontiers. "Mostly we grow organically and that's true in India. But if there are opportunities to do acquisitions, we'll always consider."

Asked whether India's marketplace-based e-retailing model was a bother - Amazon operates an inventory-based model at home - Bezos said his company had no issues whatsoever, dispelling a perception that the Indian system was an irritant and he would lobby with the government during this visit to change it. "Our marketplace model is working phenomenally well... I always tell my team that whatever the rules are, we are the ones who would have to adapt to the local rules," he said.

Some five years ago, Bezos made a quiet two-week visit to India, allocating the first half of his trip for business and rest for leisure. The father of four took his nine-year-old son to the main tourist attractions, including the Taj Mahal in Agra and Varanasi, a city now represented in the Lok Sabha by Prime Minister Narendra Modi.

"I find India and the people not just energetic but personally energising," he said.

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Agencies
July 13,2020

New Delhi, Jul 13: The Telecom Regulatory Authority of India (TRAI) has blocked Bharti Airtel's Platinum and Vodafone Idea's RedX premium plans that offer faster data speeds and priority services to customers as both the plans were violating net neutrality norms.

The telecom watchdog has asked Bharti Airtel to explain within seven days how such a similar plan being launched does not violate the rules of net neutrality.

Vodafone Idea's RedX plan has been in the market since November 2019. They made some modifications in May 2020 and the Bharti Airtel was soon going to launch a similar plan.

According to TRAI, the higher speed for premium customers discriminate against others and violates net neutrality.

Responding to TRAI's move, Airtel spokesperson said: "We are passionate about delivering the best network and service experience to all our customers. This is why we have a relentless obsession to eliminate faults and have been consistently recognised by international agencies as the best network in terms of speed, latency and video experience."

"At the same time, we want to keep raising the bar for our post-paid customers in terms of service and responsiveness. This is an ongoing effort at our end," the spokesperson said.

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Agencies
June 27,2020

Mumbai, Jun 27: The Bombay High Court observed that COVID-19 patients from poor and indigent sections cannot be expected to produce documentary proof to avail subsidised or free treatment while getting admitted to hospitals.

The court on Friday was hearing a plea filed by seven residents of a slum rehabilitation building in Bandra, who had been charged ₹ 12.5 lakh by K J Somaiya Hospital for COVID-19 treatment between April 11 and April 28.

The bench of Justices Ramesh Dhanuka and Madhav Jamdar directed the hospital to deposit ₹10 lakh in the court.

The petitioners had borrowed money and managed to pay ₹10 lakh out of ₹12.5 lakh that the hospital had demanded, after threatening to halt their discharge if they failed to clear the bill, counsel Vivek Shukla informed the court.

According to the plea, the petitioners were also overcharged for PPE kits and unused services.

On June 13, the court had directed the state charity commissioner to probe if the hospital had reserved 20% beds for poor and indigent patients and provided free or subsidised treatment to them.

Last week, the joint charity commissioner had informed the court that although the hospital had reserved such beds, it had treated only three poor or indigent persons since the lockdown.

It was unfathomable that the hospital that claimed to have reserved 90 beds for poor and indigent patients had treated only three such persons during the pandemic, advocate Shukla said.

He further argued that COVID-19 patients, who are in distress, cannot be expected to produce income certificate and such documents as proof.

However, senior advocate Janak Dwarkadas, who represented the hospital, said the petitioners did not belong to economically weak or indigent categories and had not produced documents to prove the same.

A person who is suffering from a disease like COVID-19 cannot be expected to produce certificates from a tehsildar or social welfare officer before seeking admission in the hospital, the bench noted and asked the hospital to deposit ₹10 lakh in court within two weeks.

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Agencies
May 31,2020

Cape Canaveral, May 31: SpaceX, the private rocket company of billionaire entrepreneur Elon Musk, launched two Americans into orbit from Florida on Saturday in a landmark mission marking the first spaceflight of NASA astronauts from U.S. soil in nine years.

A SpaceX Falcon 9 rocket lifted off from the Kennedy Space Center at 3:22 p.m. EDT (19:22 GMT), launching Doug Hurley and Bob Behnken on a 19-hour ride aboard the company’s newly designed Crew Dragon capsule bound for the International Space Station.

Just before liftoff, Hurley said, “SpaceX, we’re go for launch. Let’s light this candle,” paraphrasing the famous comment uttered on the launch pad in 1961 by Alan Shepard, the first American flown into space.

Minutes after launch, the first-stage booster rocket of the Falcon 9 separated from the upper second-stage rocket and flew itself back to Earth to descend safely onto a landing platform floating in the Atlantic.

High above the Earth, the Crew Dragon jettisoned moments later from the second-stage rocket, sending the capsule on its way to the space station.

The exhilarating spectacle of the rocket soaring flawlessly into the heavens came as a welcome triumph for a nation gripped by racially-charged civil unrest as well as ongoing fear and economic upheaval from the coronavirus pandemic.

The Falcon 9 took off from the same launch pad used by NASA’s final space shuttle flight, piloted by Hurley, in 2011. Since then, NASA astronauts have had to hitch rides into orbit aboard Russia’s Soyuz spacecraft.

“It’s incredible, the power, the technology,” said U.S. President Donald Trump, who was at Kennedy Space Center at Cape Canaveral in Florida for the launch. “That was a beautiful sight to see.”

The mission’s first launch attempt on Wednesday was called off with less than 17 minutes remaining on the countdown clock. Weather again threatened Saturday’s launch, but cleared in time to proceed with the mission.

SPACEFLIGHT MILESTONES

NASA chief Jim Bridenstine has said resuming launches of American astronauts on American-made rockets from U.S. soil is the space agency’s top priority.

“I’m breathing a sigh of relief, but I will also tell you I’m not gonna celebrate until Bob and Doug are home safely.” Bridenstine said.

For Musk, the launch represents another milestone for the reusable rockets his company pioneered to make spaceflight less costly and more frequent. And it marks the first time commercially developed space vehicles - owned and operated by a private entity rather than NASA - have carried Americans into orbit.

The last time NASA launched astronauts into space aboard a brand new vehicle was 40 years ago at the start of the space shuttle program.

Musk, the South African-born high-tech entrepreneur who made his fortune in Silicon Valley, is also chief executive of electric carmaker and battery manufacturer Tesla Inc. He founded Hawthorne, California-based SpaceX, formally known as Space Exploration Technologies, in 2002.

Hurley, 53, and Behnken, 49, NASA employees under contract to fly with SpaceX, are expected to remain at the space station for several weeks, assisting a short-handed crew aboard the orbital laboratory.

Boeing Co, producing its own launch system in competition with SpaceX, is expected to fly its CST-100 Starliner vehicle with astronauts aboard for the first time next year. NASA has awarded nearly $8 billion combined to SpaceX and Boeing for development of their rival rockets.

Trump also hailed the launch as a major advance toward the goal of eventually sending humans to Mars.

He was joined at the viewing by Musk, as well as Vice President Mike Pence, Commerce Secretary Wilbur Ross, Education Secretary Betsy DeVos, Florida congressman Matt Gaetz and Senator Rick Scott.

Earlier on Saturday, the crew bid goodbye to their families. Prior to climbing into a specially designed Tesla automobile for the ride to the launch site, Behnken told his young son, “Be good for mom. Make her life easy.”

During the drive, Behnken and Hurley passed former astronaut Garrett Reisman who held a sign saying, “Take me with you.”

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