A simple tweak in shareholding of the company owning shares of Cloudtail India — Amazon India’s biggest seller that withdrew over 3,00,000 of its products from the platform — has allowed Amazon to partially restore normalcy in the aftermath of new FDI norms that were enforced from February 1.
According to sources, Infosys co-founder N R Narayana Murthy’s investment firm Catamaran Ventures has increased its stake in Cloudtail’s parent company Prione Business Services to 76 per cent, with Amazon’s holding coming down from 49 per cent to 24 per cent stake. With this, Cloudtail ceases to be an Amazon group company, and can continue selling on Amazon’s marketplace in India.
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