1 min read.Updated: 01 Jun 2018, 01:14 PM ISTSalman S.H.
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
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.
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