Bengaluru, Feb 7 (IANS) Global software major Infosys co-founder N.R. Narayana Murthy’s Catamaran-owned Cloudtail, a leading seller on the Indian arm of e-tailer giant Amazon, returned to the platform on Thursday after a week.
Several of Cloudtail India Pvt Ltd’s products, which were not accessible on Amazon India since February 1, the day when the revised norms for Foreign Direct Investment (FDI) in e-commerce were implemented by the Ministry of Commerce and Industry, were back on the platform from Thursday.
The revised norms barred e-commerce platforms providing a marketplace from exercising control or ownership over the inventory and prevent any company to sell its products exclusively on an e-commerce platform.
“On February 6, Catamaran 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 Chief Executive Abhishek Laxminarayan 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 Catamaran and Amazon formed in 2014.
The joint venture Prione had Catamaran, which was founded by Murthy in 2010, owning 51 per cent and Amazon a 49 per cent stake.
The revised stakes of Amazon and Catamaran in Prione for the companies to comply with the new FDI in e-commerce norms was not disclosed in the statement.