Cloudtail India Posts FY17 Net Profit of Rs 1.59 Crore
Cloudtail India, a joint venture between Amazon.com and NR Narayana Murthy’s Catamaran Venture, posted a net profit of Rs 1.59 crore for the year ended March 2017, according to filings with the Registrar of Companies (RoC) and documents sourced by business research platform Paper.VC. In FY16, the retailer had posted a net loss of Rs 30.25 crore. Cloudtail, one of the largest sellers on Amazon India, posted a 24% increase in revenue from operations to Rs 5,688.7 crore in FY17, against Rs 4,586.9 crore a year back.
However, employee benefit cost for the company increased threefold to Rs 71 crore in FY17, from Rs 18.2 crore in FY16. Total expenses rose 24% to Rs 5,732.9 crore in FY17. – Financial Express
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