Amazon now has customers in 100% serviceable pin-codes in India: Jeff Bezos

If things fall in place, then a deal with a major offline retailer might happen by the end of this year, according to a source

Amazon 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.

From talking about how Alexa plays devotional songs in local Indian languages to Amazon India working closely with communities in rural areas, Bezos said that the online marketplace has now become part of the country's culture and has adapted all its services and offerings accordingly.

Stressing that Amazon India has captured the top spot for the last two years, Bezos pointed out that Amazon is the most visited site in the country.

Amazon, which has completed five years in India, has managed to reach the top spot while taking on local favourites Snapdeal and Flipkart. 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.

“We’re five years into our journey, but as we say at Amazon, its Day 1, and I am energised and humbled by the opportunities ahead. Amazon is India ki apni dukaan,” he said in the letter.

Bezos also said that the company is working with ‘tens of thousands’ of third-party developers to increase the capabilities of its voice assistant 'Alexa'.

In the past five years, Amazon has grown from just one seller to 300,000. During the last one year itself, Amazon expanded its network of third-party affiliates and service providers to ensure that sellers from non-metros and smaller towns get easy access and the required support to start and manage their online businesses, he added.

According to industry analysts, Amazon has pumped more than $3 billion into its Indian operations.

Read More → Amazon India

 

WhatsApp leak: Sebi to take action against mkt operators of blue-chip firms

The companies may also face censure action by the market watchdog for alleged lapses

Sebi will soon take action against some market operators and senior staff members of about a dozen listed blue-chip firms for their alleged involvement in leak of price-sensitive information through WhatsApp.

The companies may also face censure action by the market watchdog for alleged lapses in safeguard mechanism to check leak of unpublished price sensitive information (UPSI), including financial results before they were made public for all investors, regulatory sources said.

The regulator is close to completing its probe into the matter, including for suspected unlawful gains through insider trading on the basis of leaked information, and is collating the details it had sought from all concerned companies, the officials said.

Almost all the companies have replied to Sebi's queries in this regard.

According to top officials, the regulator is taking a tough stand on the companies that fail to fix individual responsibility for any leak of price-sensitive information. Besides, the market operators, including staff members of some brokerage firms, are also under the scanner for colluding with the company executives in the case, which came to light late last year.

Among various companies from which Sebi had sought details through its interim orders, HDFC Bank last week disclosed in a regulatory filing that it has submitted the requisite information to the regulator.

Referring to Sebi's February 23 directions, HDFC Bank said, "In this regard, and keeping with its commitment to the highest standards of corporate governance and the integrity of its systems, controls and processes, the Bank has submitted the requisite information and reports to Sebi in compliance with the Sebi directions and within the timelines prescribed therein."

Sebi had asked the bank to conduct internal investigations to identify those guilty of the leak and take steps to check any recurrence, and also provide necessary information to the regulator within three months.

Read More On → WhatsApp leak