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Amazon: Salarpuria Sattva Acquires Part of Cloudtail Business

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Amazon: Salarpuria Sattva Acquires Part of Cloudtail Business
The Salarpuria Sattva Group, one of the South’s largest real estate developers, has formed a company that will acquire the entire consumer electronics business of Cloudtail, currently the largest seller on Amazon’s marketplace in India, said four industry executives.

The new company, Bengaluru-based Dawntech Electronics, is the first independent, well-funded preferred vendor to acquire the business of Cloudtail, which earlier this year announced it would be shutting down in May next year. According to Dawntech’s registration applications with the Registrar of Companies, Amazon is not an interested party.

Amazon is hiring sellers in other categories to take over from Cloudtail and it wouldn’t own a stake there either, the executives said. It will likely finalize a vendor next month to replace Cloudtail in the fashion category, the CEO of a top clothing brand said.


Amazon Action mirrors that of Rival Flipkart

An Amazon India spokesperson said Amazon.in is a pure play marketplace with nearly a million sellers from across India. “Our approach is to digitally empower businesses of all sizes to offer the widest selection to customers, at a great price and with the convenience of fast and reliable delivery,” the person said.

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Emails sent to Salarpuria Sattva, his promoters and Dawntech went unanswered until Wednesday’s press time.

Amazon’s move mirrors that of rival Flipkart, who also limits the share of each seller’s sales on its platform and stays away from any stake in them.

Both companies have been accused by opponents, including small traders, of exploiting front companies to circumvent India’s regulations banning foreign-owned marketplaces from selling anything of their own. Critics have also targeted Infosys founder NR Narayana Murthy for his partnership with Cloudtail — the seller’s holding company, Prione Business Services, is a joint venture between Amazon and Murthy’s Catamaran Ventures.

In fact, the allegations and the possibility of regulatory action could have been one of the reasons Cloudtail is being liquidated, the executives said.

However, Amazon continues to hold a stake in the parent company of another leading seller on the platform, Appario Retail, according to the latest RoC filings.

Amazon wants high-capitalized companies to become sellers on its platform instead of Cloudtail. For major categories like smartphones, there could be two to three vendors taking over the company and Dawntech could also be one of them, the executives said.

Dawntech has already started selling Samsung and OnePlus televisions on the Amazon platform.

The executives said Cloudtail has stopped buying consumer electronics brands as of this month and is currently liquidating existing inventory. It significantly reduced the purchase of FMCG products and apparel from September onwards.

Cloudtail did not respond to an email requesting comment.

Avneet Singh Marwah, chief executive of SPPL, which sells electronic brands Kodak and Westinghouse on Amazon, said his company will do business with Dawntech from December and the business terms will remain the same as Cloudtail’s.

According to a recent document from rating agency ICRA, Dawntech would mainly sell mobile phones under the category of electronic goods.

“However, Dawntech’s current balance sheet cannot support operations at the scale at which Cloudtail operates and requires a significant capital injection,” said Mohit Yadav, the founder of business intelligence firm AltInfo, which analyzed the RoC files.

The ICRA document noted that Dawntech plans to raise Rs 150 crore in working capital and as part of the Salarpuria Sattva Group, it enjoys significant financial flexibility through support from the group and its promoters. It said Dawntech is a special purpose vehicle of Salarpuria Sattva Group.

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Aaron Cameron declared Tasman Series champion after dramatic no result at Bathurst – Highway F1

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Aaron Cameron declared Tasman Series champion after dramatic no result at Bathurst - Highway F1

Cameron was making his way through the field after a previous incident when he came into contact with Luis Leeds in pursuit, sending them both into the gravel at high speed.

The race was red flagged and Motorsport Australia declared that the race had reached the required distance to award championship points.

Cameron takes home $30,000 for taking home the title, while Roberto Merhi took $10,000 for second place plus $5,000 for top international.

Nathan Herne started the final feature race on pole position, with James Golding taking the lead from the start.

Championship leader Aaron Cameron stopped off the line and fell to the back of the pack as the pair of Team BRM teammates battled for second off the line.

Joey Mawson was fastest into the first corner, but ran wide through Hell Corner, with Roberto Merhi in second.

The frenetic running calmed down for a moment as the peloton raced over the top of the mountain, but the battle resumed on the fastest part of the track.

Nathan Herne thought twice about moving around Luis Leeds for sixth at the end of Conrod Straight, but recovered and sailed past Leeds from The Chase with Cameron close behind.

The Valvoline Team GRM charge through the pack quickly ended in tears, with Cameron Herne snapping in Hell Corner.

The pair spun into the gravel pit and pulled out the safety car.

All this in just two rounds.

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