Home / Companies / People /  Uday Kotak wonders who is being made ‘MAMAA’

A few months back when famous American television personality and host of Mad Money on CNBC, James Joseph Cramer, coined the acronym, “MAMAA", referring to Meta (Facebook), Apple, Microsoft, Amazon and Alphabet ( Google’s parent company), he was not aware that the acronym he was giving, was going to be used sarcastically in future by none other than an Indian billionaire who was named Ernst & Young World Entrepreneur Of The Year in 2014 and sole Indian financier to be featured in Money Masters by Forbes magazine in 2016.

Today, in a tweet, Kotak Mahindra Bank CEO Uday Kotak, interpreted the acronym in a desi style, tweaking it to “MAAMA."

“The Economist gives new name to big 5 tech giants, MAAMA: Microsoft, Apple, Alphabet, Meta, Amazon. Anyone who understands colloquial Hindi knows there are 2 meanings of word “maama". Wonder which meaning if any, is relevant here. Woh hamare maama banenge, ya hum maama banenge," Uday Kotak, tweeted.

In the backdrop of Amazon-Future saga, and India having the largest active users on Whatsapp (487.5 million in June 2021June 2021, and is even more than top six other user countries across the globe i.e 458.9 million) and Apple trying to penetrate the Indian mobile market by assembling here itself through manufacturing partners Foxconn and Winston, the comment by Kotak Mahindra CEO gains importance.

Amazon is trying to derail the Reliance–Future deal as the Indian e-commerce sector is on an upward growth trajectory and is expected to surpass the US to become the second-largest e-commerce market in the world by 2034. The sector is expected to reach US$ 111.40 billion by 2025 from US$ 46.20 billion in 2020, growing at a 19.24% CAGR, with grocery and fashion/apparel likely to be the key drivers of incremental growth.

In May last year, Meta’s WhatsApp filed a lawsuit in Delhi high court seeking to block an IT regulation coming into force that some experts say would compel the messaging app to break privacy protections. WhatsApp requested the court to declare it a violation of privacy rights in India's constitution since it requires social media companies to identify the "first originator of information" when authorities demand it.

The lawsuit also reflected thegrowing struggle between the Indian government and tech giants including Meta, Google's parent Alphabet and Twitter in one of their key global growth markets.

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