“During the financial year ended on March 31, 2023, the board of directors in its meeting held on March 17, 2022, approved the cessation of business-to-consumer (B2C) business of the company on or prior to April 23, 2022, which was followed by shareholders’ approval in its extraordinary general meeting held on March 19, 2022. Accordingly, the company ceased to carry its B2C business with effect from April 23, 2022,” the filing said.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| Indian School of Business | ISB Digital Transformation | Visit |
| Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
| Indian School of Business | ISB Product Management | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
Further, the parent company of Cloudtail India has been renamed — from Prione Business Services to Amazon Smart Commerce Solutions. Last year, Amazon became a full owner of Prione after acquiring a 76% stake from Infosys founder NR Narayana Murthy’s Catamaran Ventures.
Cloudtail India was set up in 2014 as a joint venture between Amazon and Catamaran Ventures.
However, Amazon was forced to trim its stake to 24% from 49% in 2019 to comply with the country’s foreign direct investment (FDI) regulations for the ecommerce sector.
Subsequently, the company announced that Cloudtail would cease to be a seller on the marketplace as the latest norms did not allow an entity running an online marketplace and its group companies to own equity in any of the sellers on the platform or to have control over their inventory.
Discover the stories of your interest
Cloudtail India continues to provide certain services on the Amazon marketplace such as seller onboarding, and merchandising and cataloguing of products on the platform.With the fall in revenues, Cloudtail’s net loss also contracted to Rs 97.8 crore in FY23 from Rs 521.8 crore a year earlier.
