E-commerce company Cloudtail India registered an 84 per cent fall in revenue to Rs 3,093 crore in 2022-23, a report by market research firm Tofler said on Tuesday.
Cloudtail, now an Amazon-owned e-commerce entity, ceased its business-to-consumer operations in April 2022. The firm continues to operate as a facilitator for sellers.
As per Tofler, Cloudtail posted a net loss of Rs 98 crore in 2022-23.
"Cloudtail India Limited, an e-commerce firm, reported its revenues for the financial year 2022-23 as Rs 3,093 crore, an 84 per cent fall since the last financial year. The company further reported a net loss of Rs 98 crore during the same fiscal. The company's total expenses for the fiscal were reported as Rs 3,191 crore," a Tofler statement read.
Cloudtail was initially formed as a joint venture between Amazon and Infosys founder NR Narayana Murthy-owned firm Catamaran.
It was operated by Prione Business Services in which Catamaran held a 74 per cent stake.
Catamaran decided to discontinue the JV in August 2021 following which Amazon acquired its entire stake in Prione Business Service.