E-commerce firm Cloudtail's revenue grows 46% to Rs 16,639 cr in FY21

The firm's net profit was up 171% YoY to Rs 183 crore

Cloudtail India Private Limited, an e-commerce firm, reported its revenues for financial year 2020-21 as Rs 16,639 crore. This is a 46 per cent jump since the last financial year, show regulatory documents sourced from business intelligence platform Tofler.

The company further reported a net profit of Rs 183 crore during the same fiscal. This is 171  per cent increase from the last financial year. The company’s total expenses for the fiscal were reported as Rs 16,395 crore.

Cloudtail’s parent, Prione Business Services, is jointly owned by Catamaran, led by Infosys founder N R Narayana Murthy and e-commerce giant Amazon.

In August this year, Amazon and Infosys co-founder N R Narayana Murthy’s Catamaran Ventures “mutually decided” to not continue their joint venture (JV) beyond the end of its current term. The JV, Prione Business Services, which has been running successfully for the past seven years, was coming up for renewal on May 19, 2022.

The JV had enabled over 300,000 sellers and entrepreneurs to go online. It also enabled 4 million merchants with digital payment capabilities, providing these small and medium-sized businesses (SMBs) and merchants access to millions of customers across the country.

Last year, Prione enabled 52,000 SMBs and its goal this year was to assist 100,000 businesses. With operations in Bengaluru, Delhi and Mumbai, Prione has over 700 employees and has a reach in at least 150 Indian cities.

But a major chunk of Prione’s revenues came from its ownership of Cloudtail, one of the biggest and most profitable retailers on Amazon’s platform.