nope. "with offers" doesn't mean subsidized with ads. it only refers to certain special offers like exchange offer / no cost emi are available only with selected sellers. if you select "without offers" different set of sellers are shown who don't give those special offers
well... Amazon did say ad supported in their tweet. i mean why would anyone buy a phone without offers if he ends up getting the same phone in the end?
But yeah, you seem to be right. At this point of time, there is no real subsidy. The listings only seem to differ wrt to emi and other offers listed in them.
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