Amazon, Catamaran will end venture next year
The Hindu
Seller Cloudtail is a subsidiary of JV
Amazon and N.R. Narayana Murthy-led Catamaran on Monday said they would not continue their joint venture, Prione Business Services, beyond May 2022. Formed in 2014, the venture is up for renewal on May 19 next year. The announcement came just hours after a Supreme Court decision allowing Competition Commission of India to continue its probe against Amazon as well as rival Flipkart for alleged preference shown to select sellers and offering ‘deep discounts’ after entering into ‘anti-competitive agreements’. Interestingly, Cloudtail, which is one of the biggest sellers on Amazon India, is a wholly owned subsidiary of Prione Business Services. Cloudtail’s revenue grew from ₹1,145 crore in FY15 to more than ₹8,900 crore in FY19, according to the company’s web site.
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