Amazon JV Cloudtail India FY17 turnover rises 24%

Published On: 01, Dec 2017 | Source: financialexpress.com

E-commerce firm Amazon India’s largest seller Cloudtail India posted Rs 5,688-crore turnover for the year ended March 2017, a 24% increase from Rs 4,587 crore in FY16, according to filings with the Registrar of Companies and data platform Tofler. The net worth of the company stood at Rs 439 crore. Cloudtail is a joint venture between Amazon.com Inc and NR Narayana Murthy’s Catamaran Venture. Last year, the government had come out with new norms for e-commerce companies, stipulating that a single vendor should not account for more than 25% of sales on an online marketplace that has foreign investment. Amazon Inc’s India subsidiary Amazon Seller Services posted turnover of Rs 3,128.5 crore for the year ended March 2017.

The net worth of the company stood at Rs 3,058 crore. The company’s cloud business, which it operates in India under Amazon Internet Services, otherwise known as Amazon Web Services, reported turnover of Rs 397 crore in FY17. While Amazon Transportation Services, the subsidiary which manages logistics, posted turnover of Rs 991 crore for the previous financial year, its net worth stood at Rs 372 crore. As per ROC filings and Tofler, the whole business of Amazon India that it runs under Amazon Wholesale reported turnover of Rs 704 crore for FY17 and the net worth of the company stood at Rs 385 crore.