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Our top market, India, has remained strong for us, and we think we can send goods there with a higher profit margin than to other regions. Just one example: We have negotiated logistics agreements with several Indian e-commerce businesses. According to my estimation, the end consumer in India receives a 10–20% reduction on logistics. As a result, it is simpler for us to create scale while also having superior logistics. Our top line is also better, as are our top line margins. The concept, in my opinion, is that Flipkart is the first instance of a business where we are assuming a preliminary risk, a significant amount of early-stage risk that we have in technology
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