Amazon India’s largest seller, Cloudtail has announced that it has achieved 25 percent profitable milestones for the financial year 2019.
Cloudtail is a joint venture between Infosys founder N R Narayana Murthy’s Catamaran Ventures and Amazon.
The Delhi-based company has quoted a revenue of Rs 8,945 crore, with a profit of Rs 29.4 crore for the FY19. In the previous fiscal year, the Cloudtail’s income stood at Rs 7,149 crore and loss at Rs 4.11 crore.
In FY17, for the first time, the company became a profitable recording profit of Rs 1.59 crore. They had suffered a load of Rs 30 crore in FY16.
“With revenue shot up by 25 percent, Cloudtail’s expenses also increased by 27 percent to Rs 8,899 crore. Interestingly, it spent Rs 8,537 crore alone on the purchases of stock,” said a report by Tofler.