Latest News | Cloudtail India FY21 Revenue Up over 45% to Rs 16,639cr

New Delhi, Nov 15 (PTI) Cloudtail India - one of the largest sellers on the Amazon India marketplace - clocked over 45.7 per cent rise in revenue to Rs 16,639.04 crore, while its profits more than doubled to Rs 182.70 crore in the financial year 2020-21 over the previous fiscal, as per regulatory documents.

Cloudtail - a wholly-owned subsidiary of Prione Business Services - is one of the biggest sellers on Amazon.in.

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Prione Business Services is a joint venture between NR Narayana Murthy's Catamaran Ventures and Amazon, wherein the American e-commerce giant holds 24 per cent share.

In August this year, Amazon and NR Narayana Murthy's Catamaran had said they have mutually decided to not continue their joint venture - Prione Business Services - beyond May 2022.

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Cloudtail's net profit grew over 170 per cent to Rs 182.7 crore in the financial year 2020-21 as against Rs 67.54 crore in the financial year 2019-20, according to Registrar of Companies filing - sourced by business intelligence firm Tofler.

The company's revenue stood at Rs 11,412.75 crore in the financial year 2019-20, it added.

"Your company is focussed on building reputable and sustainable processes with continuous focus on bringing quality products at affordable prices to customers," the filing said.

Cloudtail did not respond to an email seeking comments.

As per the filing, the company's employee benefits expense increased to Rs 192.87 crore in the financial year 2020-21 from Rs 163.95 crore in the preceding fiscal, while total expenses grew about 45 per cent to Rs 16,395.03 crore in the financial year 2020-21 as against Rs 11,313.02 crore in the previous financial year.

Cloudtail is primarily engaged in the business of trading goods on the e-commerce marketplace.

Prione Business Services - the joint venture between Amazon and Catamaran - was formed in 2014 and was up for renewal on May 19, 2022. However, in August, Amazon and Catamaran announced that they have mutually decided to not continue their joint venture beyond May 2022.

While the companies had not shared details of the future roadmap, they had said that the JV has enabled over 3 lakh sellers and entrepreneurs to go online and helped 4 million merchants with digital payment capabilities, providing these SMBs and merchants access to millions of customers across the country.

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