26 March 2022, Mumbai:
Cocoblu Retail plans to take over the fashion, apparel, and accessories business of Amazon’s largest seller Cloudtail, which will shut down in about a month's time.
Cocoblu Retail is a newly-floated e-commerce seller incorporated last October, a wholly-owned subsidiary of Delhi-based RattanIndia Enterprises, which in January received Rs 350 crore fund infusion by the promoters.
Cocoblu Retail will handle the fashion business from April when Cloudtail will transfer its complete fashion inventory to Cocoblu.
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The company is also creating its team from Cloudtail such as Chandramouli Venkataraman, CEO who joined in February from Cloudtail where he was the category leader. Anjali Rattan Nashier, Chairperson, RattanIndia Enterprises said, Cocoblu will partner with large national and international brands as well as MSMEs across multiple categories to tap the e-commerce opportunity.
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The Competition Commission of India had earlier this month approved Amazon’s bid to acquire Infosys founder NR Narayana Murthy's 76 percent stake through his investment office Catamaran Ventures in Cloudtail’s parent, Prione Business Services.
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