Bengaluru: heroine NR. is buying Narayana Murthy76 percent stake in investment firm Catamaran Priyan Business Services, the latter runs cloudtailBiggest seller on Amazon India Marketplace with revenue of over Rs 16,600 crore in FY 2021. It is also the branch of Amazon that helps bring third party sellers to its platform.
Amazon already holds the remaining 24 percent stake in Priyan. So it will now completely own the prion. The companies did not disclose the value of the deal.
Indian laws prohibit Marketplace operators from becoming sellers on the Platform. Therefore Amazon cannot run Cloudtail on its platform. Amazon did not say what its plans are for Cloudtail. Retail sector sources said they would try to split Cloudtail’s business among several other vendors. It is not clear how much time regulators have given Amazon to complete the process.
On Wednesday, Amazon and Catamaran said in a joint statement that Amazon’s acquisition of the latter’s stake is subject to regulatory approval. Amazon is said to have sought the approval of the Competition Commission on the same. In August, the two companies had announced their decision to end their 7-year partnership, which is due for renewal in May 2022. The latest joint statement said the business of the joint venture will continue under the leadership of the current management.
Amazon now has a million sellers on its platform, most of whom are small and medium businesses, and half are from Tier-2 and 3 cities. prion It has played an important role in bringing these sellers to Amazon.
Amazon already holds the remaining 24 percent stake in Priyan. So it will now completely own the prion. The companies did not disclose the value of the deal.
Indian laws prohibit Marketplace operators from becoming sellers on the Platform. Therefore Amazon cannot run Cloudtail on its platform. Amazon did not say what its plans are for Cloudtail. Retail sector sources said they would try to split Cloudtail’s business among several other vendors. It is not clear how much time regulators have given Amazon to complete the process.
On Wednesday, Amazon and Catamaran said in a joint statement that Amazon’s acquisition of the latter’s stake is subject to regulatory approval. Amazon is said to have sought the approval of the Competition Commission on the same. In August, the two companies had announced their decision to end their 7-year partnership, which is due for renewal in May 2022. The latest joint statement said the business of the joint venture will continue under the leadership of the current management.
Amazon now has a million sellers on its platform, most of whom are small and medium businesses, and half are from Tier-2 and 3 cities. prion It has played an important role in bringing these sellers to Amazon.
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