CCI clears Amazon’s proposal

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CCI clears Amazon’s proposal
10 Mar 2022
5 min read

News Synopsis

The Competition Commission of India has approved the proposal of the United States-based E-commerce giant- Amazon to acquire 76% of Catamaran Ventures’ stake in Prione Business Services. Prione Business Services houses cloudtail which is one of the largest sellers on the e-commerce major’s Indian platform. It was reported that Amazon asked for the approval of CCI for anti trust regulations.Cloudtail's future looks somewhat uncertain as according to the current regulations restricts a firm running an online marketplace to possess equity in any of the seller companies on their platform. According to the sources, Top Officials of the company will have a meeting regarding this very soon. Currently, the 76% stake in Prione Business Services is owned by Catamaran Ventures which is the investment arm of Infosys led by N R Narayana Murty. Further details on this subject will be disclosed after the meeting of Amazon’s officials. Cloudtail was founded in 2014 and it soon establishes itself as one of the biggest sellers on Amazon.

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