Cloudtail India reports 25% revenue growth for FY19
Cloudtail India, one of the largest sellers on the ecommerce platform Amazon India, posted revenue growth of 25% during the financial year ended March 31, 2019 at Rs 8,945 crore.r r The company reported a net profit of Rs 29.35 crore during the reporting year as against a net loss of Rs 4.11 crore a year ago, as per regulatory filings.r r The company, jointly owned by Infosys co-founder Narayana Murthyu2019s Catamaran Ventures and Amazon through Prione Business Services, reported the strong set of numbers for 2018-19 despite facing a policy hurdle in the second half of the year.r r In February 2019, the company had reportedly suspended its operations for a week before aligning its corporate structure as per the latest ecommerce norms.r r In December 2018, the government had issued new norms barring marketplace companies from owning a stake in seller companies or control over their inventories.r r Cloudtail India resumed its operations after Amazon reduced its stake to 24% from 49% by selling shares to its joint venture partner Catamaran Ventures. r r Cloudtail India had posted a 27% increase in 2017-18 and a four-fold increase in 2015-16 in its topline.
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