Narayana Murthy, the uncrowned king of Indian E-commerce
Next time whenever you shop at amazon.in, most of the time you will notice Cloudtail logo on the left corner of the screen.
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Cloudtail, a 49:51 joint venture between Amazon Asia and Infosys founder NR Narayana Murthy's personal investment vehicle Catamaran forged last summer, is fast becoming a large seller on Amazon India, accounting for a little over 8% of products sold on the portal since it became operational in August last year.
Cloudtail India, a joint unit of online major Amazon and N R Narayana Murthy’s Catamaran Ventures, and a key seller of goods on Amazon India, reported a loss of Rs 31.7 crore for 2014-15 on sales of Rs 1,145 crore.
Cloudtail expects to scale up its business and build a sustainable and repeatable seller processes, with a continuous focus on bringing quality products at affordable pricing, according to documents with the registrar of companies. Cloudtail has also increased its capital to Rs 500 crore from Rs 500,000. It spent Rs 339 crore on foreign exchange transactions in the year.
Cloudtail India Private Limited is a wholly owned subsidiary of Prione Business Services Private Limited (Prione). Prione is a joint venture between Catamaran and Amazon.
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Posted on 17th Mar 2016 13:08:33
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