OPEN APP
Home >Home-page >Cloudtail India reports 24% rise in FY17 revenue to ₹5,706 crore

Bengaluru: Cloudtail India Pvt. Ltd, a joint venture between Amazon Inc. and Infosys co-founder N.R. Narayana Murthy’s Catamaran Ventures, reported 24% revenue growth in FY17, show regulatory documents filed on Thursday. In the year ended March 2016, Cloudtail had posted a 300% jump in revenues.

Cloudtail, which is the largest seller on Amazon India, posted revenues of 5,706.2 crore in FY17, compared to 4,591.2 crore in the year-ago period, show data sourced from business information platform Toffler.

However, Cloudtail posted net profit (before tax) of 1.59 crore in FY17, against a net loss (before tax) of 30.25 crore in FY16.

For the year ended March 2017, expenses went up by 24% from 4,621.4 crore to 5,732.9 during the period under consideration.

Amazon did not immediately respond to an email query seeking comment.

In 2015, Mint had reported that sales from Cloudtail have been a primary growth driver for Amazon India, accounting for almost 40% of its overall revenues. Most of Amazon’s sales back then came from electronics and fashion segments.

Prior to the Walmart-Flipkart deal, Amazon had been steadily pumping in money into its India operations. Mint had reported in November that Amazon India had nearly doubled its authorized capital to 31,000 crore ($4.74 billion), which was slightly lower than the $5 billion in June 2016.

Separately, Amazon had also infused 2,900 crore ($443 million) into its marketplace arm Amazon Seller Services—the third such capital infusion in 2017. Amazon seller services more than doubled its revenue in FY17 to 3,129 crore, compared to 2,217 crore in FY16.

Amazon India has so far committed to spend $5 billion in India. Amazon, which is a close No. 2 in India, has so far invested about $3.5 billion of its total commitment towards expanding its business in the country, regulatory filings show.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout