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Catamaran's Cloudtail back on Amazon India

IANS  |  Bengaluru 

Global software major co-founder N.R. Narayana Murthy's Catamaran-owned Cloudtail, a leading seller on the Indian arm of Amazon, returned to the platform on Thursday after a week.

Several of Cloudtail Pvt Ltd's products, which were not accessible on since February 1, the day when the revised norms for Foreign Direct Investment (FDI) in were implemented by the Ministry of Commerce and Industry, were back on the platform from Thursday.

The revised norms barred platforms providing a marketplace from exercising control or ownership over the inventory and prevent any company to sell its products exclusively on an platform.

"On February 6, has effected the required changes to be 100 per cent compliant (with the revised FDI in e-commerce norms). We regret the inconvenience caused to our suppliers and customers due to stoppage of operations of Cloudtail between February 1 to 6," its said in a statement shared with IANS here.

The statement, however, did not elaborate on the changes the company made in order to comply with the policy revisions.

Cloudtail is a wholly owned arm of Prione Business Services Pvt Ltd, which is a joint venture between city-based investment firm and formed in 2014.

The joint venture Prione had Catamaran, which was founded by in 2010, owning 51 per cent and a 49 per cent stake.

The revised stakes of Amazon and in Prione for the to comply with the new FDI in was not disclosed in the statement.

--IANS

bha/rs/bg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 07 2019. 19:40 IST
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