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Amazon to acquire Narayana Murthy-led Catamaran Venture’s stake in Cloudtail

Amazon india has sought the approval from the competition commision of india (cci) for acquisition of the catamaran venture’s stake in cloudtail..

• Updated Dec 22, 2021, 8:03 PM IST

Amazon India will acquire the 76 per cent stake of Narayana Murthy’s family office, Catamaran Ventures in Cloudtail India, which is the biggest seller on the e-commerce platform. Amazon India has sought the approval from the Competition Commision of India (CCI) for acquisition of the Catamaran Venture’s stake in Cloudtail.

 “Prione Business Services Pvt. Ltd., the joint venture between Catamaran and Amazon, will be acquired by Amazon subject to requisite regulatory approvals. On August 09, 2021, the Partners had announced their decision to not continue the JV beyond the end of its current term of May 2022,” as per a joint statement.

“Amazon will acquire Catamaran’s shareholding in Prione in compliance with applicable laws including all assets and liabilities.  The businesses of the Joint Venture shall continue under the leadership of the current management and on receipt of regulatory approvals, the board of Prione & Cloudtail will take steps to complete the transaction in compliance with applicable laws,” the statement added.   Cloudtail, in which Amazon holds 24 per cent stake, along with Narayana Murthy’s Catamaran Ventures (76 per cent), saw net profit rise by 171 per cent year-on-year to Rs 183 crore in FY21.   It also has Amazon India head, Amit Agarwal as its board member. After the scrutiny from regulators and the government, Amazon and Catamaran Ventures recently announced that Cloudtail India will cease operations from May 2022.

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Catamaran Ventures to expand investments, bets on manufacturing

The vc firm set up by infosys is shifting focus from services to strategic partnerships in deep tech, precision engineering and manufacturing, and renewables..

Wednesday May 24, 2023 , 2 min Read

 Catamaran Ventures  LLP, a venture capital firm set up by Infosys, plans to expand its investment to $2 billion in the next five years from the current $1 billion.

The firm is shifting its focus from services to strategic partnerships in deep tech, precision engineering and manufacturing, and renewables, Bloomberg has reported.

Chairman MD Ranganath said manufacturing is a crucial trajectory for India's growth. He highlighted the advantage of testing innovation in India for scalability before entering global markets.

To support this growth, Catamaran aims to hire professionals and actively seek partners to develop businesses in the selected sub-sectors. The firm is in discussions to close at least one such partnership in the coming months, said the report.

Bengaluru-based Catamaran Ventures employs around 15 staff, who oversee various holdings, including e-sports, insurance, and investments in Elon Musk's Space Exploration Technologies Corp.

In the past, the firm had partnered with  Amazon  to establish Prione Business Services, which initially helped merchants transition online and eventually became a dominant vendor itself. Amazon later acquired Catamaran Ventures' stake in the venture.

Ranganath emphasised that Catamaran Ventures will continue to support early-and late-stage companies. Nearly one-third of the company's investment is in early-stage companies and the remaining is evenly split between late-stage and growth enterprises.

The firm's track record includes investment in companies such as the social network Reddit and India's largest stock exchange, the National Stock Exchange.

Edited by Affirunisa Kankudti

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• Catamaran Ventures
• software versus manufacturing in India

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Catamaran - Single Family Office

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Over the past 14 years , 624 investors have co-invested in Catamaran's portfolio companies. This includes funds and angels.

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Family businesses are deeply entrenched in India, but family offices are a relatively new phenomenon, reflecting the dramatic changes taking place in India’s corporate culture.

Traditionally, Indian families have kept tight control of their businesses through the generations, ploughing most of their profits back into operations or even buying up shares in their own listed companies to ensure they remain under family control.

In such set-ups, any diversification has been carried out by families under their own management, setting up new arms of their companies to make forays into different sectors. In the past five years, however, many first-generation Indian entrepreneurs, influenced by global business trends and a focus on professionalism over family, have cashed out large portions of their original businesses, releasing substantial funds.

Many have set up family offices through which they are investing some of this wealth, focusing on traditionally lower-risk assets such as property, treasuries and alternative investment funds. But the family offices of some of India’s most respected entrepreneurs are also allocating some of their wealth to private equity and venture capital, making small but highly symbolic investments in promising Indian start-ups.

“In India, the start-up space is where the action is — and it’s just begun,” says Aditya Gadge, chief executive of the Association of International Wealth Management of India.

These investments are usually no more than $10m-$15m and are often made early in the start-up’s life. But these funds are highly significant to young companies, as they carry the implicit endorsement of some of India’s most experienced business veterans, helping young entrepreneurs attract greater attention.

“It’s not only about the capital, but the right mentor,” says Gadge. “If in addition to capital, you are getting the top names as your mentors, that is what makes all the difference.” Capital is available from various sources, he says, but his choice would be a family office, as a promoter could guide him and help him build better business connections.

For investors themselves, private equity provides a feeling of excitement that many other financial investments lack. “With private equity, you have a sense of adventure and high return/risk reward,” says Ronnie Screwvala, a media entrepreneur whose family office, UniLazer, has invested in 15 start-ups. “First-generation entrepreneurs have that in their DNA.”

Catamaran Ventures

Catamaran Ventures is the family office of NR Narayana Murthy, one of the founders of Infosys, the Indian technology company. The office was set up in 2010 and reportedly had an original fund of Rs6bn ($94m today), though Murthy is reluctant to share details about his investments, saying “we don’t need any publicity”.

So far, Catamaran has invested in sectors such as healthcare, pharmaceuticals, education technology, insurance, retail and ecommerce. But Murthy says “unfortunately, we still do not have data to talk about it”.

Catamaran looked as though it had a big winner when it invested Rs280m in SKS, a Hyderabad-based micro-lender that was valued at $1.5bn in an initial public offering (IPO) six months later. But before Catamaran’s one-year lock-in period was over, SKS was hit by a repayments crisis that sent the business crashing down.

The family office is also the majority owner of a joint venture with US-based Amazon called Prione, whose Cloudtail arm is the largest merchant on Amazon India. The venture seems to have helped Amazon, which is investing heavily in India, to circumvent government restrictions on foreign direct investment in retail businesses. Prione describes itself as dedicated to helping small enterprises to sell their wares online.

Catamaran was also an early investor in Hector Beverages, which produces traditional Indian drinks in modern packaging under the Paper Boat brand . Catamaran’s stake is worth $36m, according to Crunchbase, the data provider. But having identified a successful market, Paper Boat faces growing competition from global beverage heavyweights and there is no timeframe for an IPO. “The exit for Indian start-ups is much longer than it perhaps is in the west,” says Murthy.

RNT Associates and RNT Capital Advisors

RNT Associates is the personal investment vehicle of Ratan Tata, former chairman of Tata Sons, the conglomerate whose interests range from salt to steel. After his retirement, Tata became an adviser to venture capital firm Kalaari Capital and its companies. Inspired by India’s young tech entrepreneurs, he also began to invest in a personal capacity, taking meetings and decisions himself.

The investments were, for the most part, small — one of Tata’s friends says his stakes are often less than 1 per cent of the equity — but the endorsement of one of the most formidable personalities in Indian business has helped put many start-ups on the public radar.

“He invests and with that comes the brand equity,” says one observer. “[The start-up] gets a press headline; you start hearing about the company and it helps its future fundraising. It’s a mutual admiration society.”

In 2014, RNT invested in ecommerce platform Snapdeal and the following year in Ola, India’s homegrown answer to Uber, the ride-hailing business, and Paytm, the electronic payments company whose founder Vijay Shekhar Sharma posted a selfie with Tata to express his elation. Tata has also made small personal investments in businesses such as Urban Ladder, an online furniture retailer.

But Tata is now ready to make bigger investments through RNT Capital Advisors, a joint venture with the investment arm of the University of California. In April, the venture made its maiden investment, putting $61m into Ola.

UniLazer is the family office of Ronnie Screwvala , who sold the media company he co-founded in 1990 to the Walt Disney Company in 2012 in a $454m deal .

Since then, Screwvala has co-founded his own educational technology company, UpGrad, as well as a sports business, Usports, focused on kabaddi, football and other sports that appeal to young Indians.

Through UniLazer, Screwvala has acted as a private equity investor, allocating 15-20 per cent of his total assets to some 15 start-ups in a wide range of sectors. He has sought out early-stage investments in which he could take significant minority stakes, ranging from 25 to 40 per cent, in sectors he feels that he can add particular value, given his background in media and with his knowledge of brand positioning and consumer tastes.

The investments include three ecommerce companies — Lenskart, which sells spectacles, contact lenses and eye-care products; Zivame, a lingerie retailer; and ShopClues, a general ecommerce platform that targets consumers in India’s smaller towns.

UniLazer has also invested in social enterprises, such as Micro Housing Finance Corporation , which provides home loans to working-class Indians, and an online insurance business in which UniLazer has taken a majority stake. “It is a boring thing in a family office to manage treasuries,” Screwvala says.

PremjiInvest

PremjiInvest is one of India’s largest family offices, managing the estimated $1bn of assets of Azim Premji, chairman of Wipro, the Bangalore-based technology company, and its affiliated consumer product companies. PremjiInvest was established in 2006 but has generally shied away from the limelight.

PremjiInvest is said to have a position in more than 40 listed and unlisted companies, with exposure to a broad range of sectors, including retail, financial services, healthcare, information technology and hospitality. Given its size and scale, PremjiInvest does not make small, early-stage investments in start-up companies, but rather takes sizeable stakes in larger businesses that have achieved a certain size but need assistance to scale up further and improve their systems. “[PremjiInvest] adds a lot of value,” says one observer.

Last year, PremjiInvest paid $52m for an 8 per cent stake in FabIndia, an ethnic fashion company in which it had purchased a 7 per cent stake in 2012. The investment was said to help fuel further expansion. It also took a 2.2 per cent stake in Aditya Birla Capital, the financial services arm of the Aditya Birla conglomerate, and invested in unlisted Equitas, a micro-finance company that is becoming a small finance bank, a type of niche bank in India.

This year, PremjiInvest has taken an additional 3.26 per cent stake in Future Lifestyle Fashions, which owns and markets a suite of more than 20 Indian and global fashion brands, sold either in dedicated shops or department stores. PremjiInvest made the purchases on the open market, adding to the 8.17 per cent stake it already held.

The family office is run by TK Kurien, who took over this year after five years as chief executive of Wipro.

Burman Family Holdings

Burman Family Holdings is the private investment arm of the controlling shareholders of the Dabur Group, one of India’s largest fast-moving consumer goods companies and a traditional family business, founded by SK Burman in 1884. The family office was established in 1995, shortly after Burman went public, and it has since invested more than $500m in various businesses.

The entity is run by Gaurav Burman and its investments range from being the Indian partner for global companies such as Yum! Brands’ Taco Bell fast-food restaurants to taking stakes in promising domestic start-ups.

The family office, which is seeking new opportunities in healthcare, education, hospitality, education and financial services, says that, as a proprietary platform, it has more flexibility to take a long-term view than other investors.

Additional reporting by Simon Mundy 

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Catamaran Ventures's portfolio and holdings

As per corporate shareholdings filed for september 30, 2020, catamaran ventures publicly holds 1 stocks with a net worth of over rs. none . these are shares held by catamaran ventures as per the shareholding data filed with the exchanges. the latest quarter tends to have missing data since not all companies may have reported their shareholding data till now..

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CATAMARAN VENTURES

CCI clears Amazon seller Appario’s sale to Clicktech

Appario is the largest seller on Amazon India. This is part of Amazon’s plan to divest stakes in sellers on its platform. The Competition Commission of India (CCI) on Tuesday said it has approved the “proposed combination involving, inter alia, Amazon Asia-Pacific Holdings, Frontizo Business Services, Appario Retail, Haverl LLC and Clicktech Retail”.

Eton Solutions onboards NR Narayana Murthy’s family office as first client

Eton Solutions announced Catamaran Ventures, associated with NR Narayana Murthy, as the first Indian user of its AtlasFive platform, managing $781 billion for 665 families globally. Deepak Padaki praised AtlasFive's efficiency. Eton, with 300 Bengaluru employees, plans a new GIFT City tech center. Satyen Patel cited India's financial emergence. Founded by Robert Mallernee, its international HQ is in Singapore.

Amazon India’s largest seller Appario sold to Clicktech

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UK Opposition raises questions over Akshata Murty's liquidated firm

The personal finances of Sunak and his wife have previously also been under scrutiny when it was revealed that Murty had legal non-domicile tax status, which meant she did not have to pay UK tax on her Indian income. However, after an Opposition furore over this issue, she had relinquished her non-dom tax status and said she would pay all her tax in the UK to prevent the issue becoming a distraction for her husband's political career.

Controversy mounts over shutdown of company owned by Rishi Sunak's wife

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Cloudtail India FY23 revenue plummets 84% as firm stops selling on Amazon marketplace

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British Prime Minister Rishi Sunak's wife Akshata Murty decides to liquidate investment venture in UK

According to the latest financial statement for the year ended December 2022 available for the company on Wednesday, Murty as the only director of the firm has now decided to wind down her firm as a going concern. "During the year, the directors have decided to liquidate the Company," notes the Companies House filing statement.

Billionaire Infosys founder Narayana Murthy to double private firm’s investments

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Catamaran Ventures names ex-Infy executives as chairman, president

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Catamaran names former Infosys Executives as chairman, president

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The company will invest in strengthening the content side, as well as in technology development around areas like Web 3.0 and blockchain, Loco founder Ashwin Suresh said.

CCI clears Amazon’s proposal to buy Catamaran’s stake in Cloudtail parent

Top Amazon India executives are expected to hold a meeting on the matter on Thursday, people aware of the developments said.

Amazon seeks CCI's nod to buy Catamaran's stake in Cloudtail

While Cloudtail will operate as per current strictures until May, if CCI’s clearance comes before that, the companies will move ahead to complete the transaction.

Amazon India finds Cloudtail’s replacement for retail of electronic goods

The Salarpuria-Sattva Group, one of the largest real estate developers in South India, has incorporated Dawntech Electronics to take over the entire consumer electronics business of Cloudtail India, currently the largest seller on Amazon India.

Amazon to appoint independent sellers to take over Cloudtail business

Amazon will also not hold any stake directly or indirectly in these mid-sized sellers.

ET Exclusive: Murthy's Catamaran Ventures and Amazon India decide not to renew JV next year in Cloudtail

Catamaran and Amazon, the two partners have mutually decided to not continue their joint venture beyond the end of its current term ending on May 19, 2022.

India scraps ‘angel tax’ in boost for startups

India’s federal government has removed the so-called angel tax for all classes of investors, delivering a major victory to the country’s startup ecosystem that had lobbied for years against the measure.

“To bolster the India startup ecosystem, to boost entrepreneurial spirit and support innovation, I propose abolishing angel tax for all classes of investors,” Finance Minister Nirmala Sitharaman said in her budget speech.

The tax, introduced in 2012 as a measure to control money laundering, has long been a pain point for early-stage companies and their backers. It taxed investments in startups when valuations exceeded what tax officials deemed fair market value — a calculation that often clashed with investors’ more optimistic projections.

The Indian government attempted to simplify the tax in 2019 , but even the new structure had limited benefits for the ecosystem. The local tax authority was scrutinizing investment in startups as recently as earlier this year.

“It is a watershed moment in the Indian startup story. A tax on capital is antithetical to capital formation and this has long been used to harass startups and investors,” Siddarth Pai, co-founder and partner at venture capital fund 3one4 Capital, told TechCrunch.

The problem stemmed from how different parties valued startups. Investors typically use discounted cash-flow methods, betting on future potential. Tax authorities, on the other hand, looked at current worth, which is usually low for fledgling startups. This mismatch led to headaches for founders trying to raise capital. For years, prominent voices in India’s startup ecosystem have railed against the angel tax, arguing it was choking off vital funding for innovation.

Amit Mehra, CFO of venture capital fund Lightspeed, said the abolition of the angel tax will help reduce the “significant uncertainty on taxation of investments received by startups on account of the angel tax provisions.”

“The removal of the tax will foster a more supportive environment for investments in the startups and will certainly fuel innovation and growth in the startups. This is essential for startups to remain in India and build from here,” he added.

Sitharaman also announced that the federal government will launch a $120 million venture capital fund to spur the growth of the country’s space economy.

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Global catamaran market size to worth usd 2.25 billion by 2033 | cagr of 5.72%.

The Global Catamaran Market Size was Valued at USD 1.29 Billion in 2023 and the Worldwide Catamaran Market Size is Expected to Reach USD 2.25 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: iXblue H2X Division, LeisureCat, Alumarine Shipyard, Seawind, Incat Crowther, Voyage, LOMOcean Design, Matrix Yachts, African Cats, Robertson & Caine, Fountaine Pajot, Lagoon, World Cat, Catana Group, Outremer Yachting, Others Key Vendors.

New York, United States , July 23, 2024 (GLOBE NEWSWIRE) -- The Global Catamaran Market Size is to Grow from USD 1.29 Billion in 2023 to USD 2.25 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.72% during the projected period.

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Catamarans are boats with two hulls connected by a deck or platform. Because of their stability, speed, and spaciousness, they are often used in sea applications. The boating and boating sectors have seen a surge in demand for catamarans due to their unique design and superior performance. A catamaran is a kind of boat that has two equal-sized parallel hulls and is thought to be more stable than a monohull. The boat was created in the later part of the 20th century and is now used extensively for leisure and sports throughout the globe. Unlike typical one-hulled boats, which have a single hull, catamaran boats have two hulls. Increased stability and improved speed are two examples of how technological advances in cruises have led to a rise in the use of catamarans for a variety of purposes. Catamarans are being used more and more for leisure and luxury purposes. They are more quickly, more stable, and more reliable because of features like strong engines and sturdy hulls that allow them to travel longer distances with more comfort and safety. But the primary thing impeding the catamaran market's growth is its expensive entry price. Initially, purchasing a catamaran might be substantially more expensive than purchasing a monohull boat of the same size and functionality.

Browse key industry insights spread across 193 pages with 112 Market data tables and figures & charts from the Report on the " Global Catamaran Market  Size, Share, and COVID-19 Impact Analysis, By Product (Sailing Catamarans, Power Catamarans), By Size (Small, Medium, and Large), By Application (Sport, Leisure, Transport), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." 

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The sailing catamaran segment is anticipated to hold the greatest share of the global catamaran market during the projected timeframe.    Based on the product, the global catamaran market is divided into sailing catamarans and power catamarans. Among these, the sailing catamaran segment is anticipated to hold the greatest share of the global catamaran market during the projected timeframe. Sailing catamarans are perfect for long-distance voyages and are frequently utilized by sailors or individuals who like sailing. With the correct engine and propeller, sailboats can reach speeds of nine or ten knots and are seaworthy, meaning they can be comfortable while at sea. Sail management on sailing catamarans has recently been made simpler by new designs and technological advancements.

The medium segment is anticipated to hold the largest share of the global catamaran market during the projected timeframe.     Based on the size, the global catamaran market is divided into small, medium, and large. Among these, the medium segment is anticipated to hold the largest share of the global catamaran market during the projected timeframe. A boat that is 30 to 50 feet long, or a medium-sized catamaran, can comfortably fit two or four individuals and has enough room for a cabin. A typical ocean-going catamaran spans between 40 and 45 feet in length. By extending the hulls by 10 feet, designers can include a staggering amount of additional facilities.

The leisure segment is predicted to hold the greatest share of the catamaran market during the estimated period. Based on the application, the global catamaran market is divided into sport, leisure, and transport. Among these, the leisure segment is predicted to hold the greatest share of the catamaran market during the estimated period. The primary uses of a leisure catamaran are leisure and water sports. These ships could be equipped with luxurious accommodations, staterooms, and other facilities. The rising demand for luxury, comfort, and vacation homes near bodies of water is fueling the growth of the leisure catamaran industry, along with rising living standards.

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Europe is expected to hold the largest share of the global catamaran market over the forecast period . Europe is expected to hold the largest share of the global catamaran market over the forecast period. With their sailing speeds of 15 to 30 knots, sailing catamarans are mostly utilized for spending quality time with friends and family. Positive industry outlooks will result from growing demand for these boats, which have identical monohull lengths but around 40% to 50% faster traveling speeds. Furthermore, Europe's catamaran market share is growing due to the growing popularity of fishing and water sports in this region.

North America is predicted to grow at the fastest pace in the global catamaran market during the projected timeframe. Consumer spending on outdoor recreational activities is driving the market's revenue growth. Customers in the area spend large sums of money on outdoor activities such as sailing, cruising, and fishing. Consumer spending on outdoor recreational activities is increasing, which is driving revenue growth in the North American marketplace. The popularity of watersports such as canoeing, rafting, and kayaking in the region is driving up demand for recreational boating.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global catamaran market include iXblue H2X Division, LeisureCat, Alumarine Shipyard, Seawind, Incat Crowther, Voyage, LOMOcean Design, Matrix Yachts, African Cats, Robertson & Caine, Fountaine Pajot, Lagoon, World Cat, Catana Group, Outremer Yachting, Others.

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Recent Developments

In May 2023,  Renderings of Granocean, a shipyard located in China, have been made public. Azure III is the new 32-meter power catamaran.

In November 2022,  a Memorandum of Understanding (MoU) was signed by Cochin Shipyard and the Inland Waterways Authority of India. The agreement states that Cochin Shipyard would construct a hydrogen fuel cell catamaran ship for Varanasi, Uttar Pradesh.

Market Segment This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global catamaran market based on the below-mentioned segments:

Global Catamaran Market, By Product

Sailing Catamarans

Power Catamarans

Global Catamaran Market, By Size

Global Catamaran Market, By Application

Global Catamaran Market, Regional Analysis

North America

Rest of Europe

Asia Pacific

South Korea

Rest of Asia Pacific

South America

Rest of South America

Middle East & Africa

Saudi Arabia

South Africa

Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights   & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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