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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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Rishi Sunak’s wife Akshata Murty lends £4.3m to start-up Catamaran Ventures

Akshata Murty, the wife of Rishi Sunak, lent her start-up investment company £4.3 million last year, up from £1.7 million in 2019, as it slipped into the red.

The London-based Catamaran Ventures UK — founded by Sunak, the chancellor, and Murty in 2013 — invests in start-ups “with the view to future capital growth and income distributions”.

Murty is the daughter of NR Narayana Murthy, the Indian billionaire and co-founder of Infosys. The Murthy family is said to have invested part of the wealth created by Infosys through Catamaran Ventures.

Catamaran noted that an impaired investment of £324,995 had been recognised after the financial year’s end. This is thought to be a reference to Mrs Wordsmith, an education start-up backed by Catamaran that collapsed less

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Rishi Sunak’s wife Akshata Murty to wind down venture capital fund

Catamaran caused controversy because of taxpayer-funded support for startups in which it had invested

Rishi Sunak’s wife, Akshata Murty, is winding down her startup investment fund, months after questions were raised over its links to taxpayer-funded schemes .

Murty’s venture capital fund, Catamaran Ventures UK, gave little detail, only saying that its directors “have decided to liquidate the company”, according to its latest filings at Companies House .

Sunak’s wife used Catamaran Ventures UK to invest some of the vast wealth she derives from her 0.91% stake in her father’s Indian IT business, Infosys, which earlier this year was worth £590m.

However, the fund’s operations came under scrutiny when it emerged that a number of the startups it backed received cash injections through taxpayer-backed schemes, or owed money to HM Revenue and Customs.

That included the upmarket furniture firm, New Craftsmen, which collapsed into liquidation in November 2022 after receiving £300,000 in taxpayer-funded loans handed out under policies that Sunak put in place while he was chancellor.

Catamaran also backed the education firm Mrs Wordsmith, which secured £1.3m from the Future Fund, a £250m investment scheme, designed by Sunak, that was intended to help small startups ride out the pandemic. Under the scheme, the government extended loans that would then convert into shares when the companies attracted new funding.

Mrs Wordsmith collapsed six months after receiving the funding, owing £249,000 to HMRC.

Another of its investments, the fitness chain Digme Fitness, fell into administration in 2021, after having received Covid furlough payments of up to £630,000. It also owed more than £6.1m in VAT and PAYE taxes.

Catamaran also put money behind Study Hall, an education technology business which is still trading, that was given a government grant of £349,976 from the arm’s-length body Innovate UK in 2022.

Murty’s financial arrangements have been an ongoing point of contention during Sunak’s time in Downing Street.

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The prime minister came under criticism after it was revealed that Murty held “non-dom” tax status , allowing her to legally minimise tax on dividends from Infosys, which were worth £11.5m in the last financial year. She subsequently agreed to pay tax in the UK on her worldwide income.

Her shareholding in the childcare company Koru Kids later became a source of controversy, after the prime minister was found to have breached parliament’s code of conduct by failing to declare it while being questioned by MPs earlier this year . Koru Kids was among six private childcare providers poised to benefit from a pilot scheme proposed in the budget to incentivise people to become childminders. However, parliament’s commissioner for standards said the breach was inadvertent.

The Guardian contacted No 10 for comment regarding the wind-down of Catamaran Ventures UK.

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Nr narayana murthy’s catamaran ventures in talks to pick up stake in udaan.

A minority stake in Udaan will give NR Narayana Murthy’s Catamaran Ventures a foothold in India’s B2B e-commerce space dominated by IndiaMart, JioMart, Amazon Business and Flipkart. It is currently a majority shareholder in Cloudtail, the biggest seller on Amazon India.

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Infosys’ Narayana Murthy to double Catamaran’s $1 billion investments in next five years

Catamaran ventures llp will raise its assets under management to as much as $2 billion and is exploring strategic partnerships in three new areas: deep tech, precision engineering and manufacturing, and renewables..

The money manager of billionaire Infosys Ltd. founder Narayana Murthy will hire professionals and double its $1 billion in investments in the next five years, betting India will emerge as a high-quality manufacturing hub. Catamaran Ventures LLP, which began operations in 2009, will raise its assets under management to as much as $2 billion and is exploring strategic partnerships in three new areas: deep tech, precision engineering and manufacturing, and renewables, according to Chairman MD Ranganath. That marks a shift from the firm’s prior focus on services, he said in a recent interview. 

Murthy helped build Infosys into one of India ’s national champions by pioneering a novel strategy of outsourcing technology services. His daughter, Akshata Murty, the wife of UK Prime Minister Rishi Sunak, is a director at the British branch of the clan’s investment firm, a separate entity. Catamaran Ventures, based in Bangalore, employs about 15 staff in India overseeing holdings spanning e-sports, insurance and Elon Musk ’s Space Exploration Technologies Corp. “For the next stage of India’s growth, manufacturing is clearly one of the trajectories,” Ranganath said. “The advantage for India is all this innovation can be tested in India for scale, and then taken to the global markets.”

To back this growth, Catamaran Ventures will actively seek partners to build businesses in the sub-sectors it selects, and add four specialists to its team of investment professionals, Ranganath said. It’s looking to close at least one such partnership in the next few months, he added. 

Amazon Partnership

Murthy’s venture firm previously partnered with Amazon.com Inc. to build up Prione Business Services, which began by helping merchants get online to sell their wares before becoming a dominant vendor itself. Catamaran Ventures’ stake was ultimately bought out by Amazon . The firm will continue to back early- and late-stage companies, according to Ranganath. Catamaran Ventures has also invested in social network Reddit and the National Stock Exchange, India’s largest bourse, according to its website.

Nearly a third of the firm’s investments are in early-stage companies and the rest is evenly split between late-stage and growth enterprises, according to President Deepak Padaki. The firm has also partnered with early-stage funds, he said.

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VC firm founded by Rishi Sunak’s wife Akshata Murty to shut down

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Catamaran Ventures UK, an investment firm founded by Akshata Murty, wife of Prime Minister Rishi Sunak, will shut down, according to company filings.

The VC firm’s most recent filing on Companies House shows that the directors have decided to “liquidate the company”. The wind down was first reported by The Times .

The company was co-founded in 2013 by Sunak and Murty as the British arm of her father’s India-based VC Catamaran Ventures. Sunak stepped down as director in April 2015, shortly before he was elected as an MP.

The most recent balance sheet for Catamaran Ventures UK put the value of its investments in 2022 at £3.8m, an increase from the £3.5m from 2021.

The filings also revealed that its cash holdings fell from just below £400,000 in 2021 to £21,890 in 2022.

Catamaran Ventures UK has been criticised in the past due to its portfolio firms receiving tax-funded grants.

Labour leader Sir Kier Starmer this year called out Sunak and Murty after Study Hall, an edtech startup backed by Catamaran, received close to £350,000 from Innovate UK, a publicly funding body.

Starmer said in May that there are “questions to answer in relation to this” and that there appeared to be an “emerging pattern of behaviour here”.

The now-collapsed education startup Mrs Wordsmith, also backed by Catamaran, received £650,000 in funding from the Future Fund, a government scheme launched during Sunak’s time as chancellor.

UKTN has contacted Catamaran Ventures and Downing Street for comment.

Rosatom Starts Production of Rare-Earth Magnets for Wind Power Generation

TVEL Fuel Company of Rosatom has started gradual localization of rare-earth magnets manufacturing for wind power plants generators. The first sets of magnets have been manufactured and shipped to the customer.

In total, the contract between Elemash Magnit LLC (an enterprise of TVEL Fuel Company of Rosatom in Elektrostal, Moscow region) and Red Wind B.V. (a joint venture of NovaWind JSC and the Dutch company Lagerwey) foresees manufacturing and supply over 200 sets of magnets. One set is designed to produce one power generator.

“The project includes gradual localization of magnets manufacturing in Russia, decreasing dependence on imports. We consider production of magnets as a promising sector for TVEL’s metallurgical business development. In this regard, our company does have the relevant research and technological expertise for creation of Russia’s first large-scale full cycle production of permanent rare-earth magnets,” commented Natalia Nikipelova, President of TVEL JSC.

“NovaWind, as the nuclear industry integrator for wind power projects, not only made-up an efficient supply chain, but also contributed to the development of inter-divisional cooperation and new expertise of Rosatom enterprises. TVEL has mastered a unique technology for the production of magnets for wind turbine generators. These technologies will be undoubtedly in demand in other areas as well,” noted Alexander Korchagin, Director General of NovaWind JSC.

For reference:

TVEL Fuel Company of Rosatom incorporates enterprises for the fabrication of nuclear fuel, conversion and enrichment of uranium, production of gas centrifuges, as well as research and design organizations. It is the only supplier of nuclear fuel for Russian nuclear power plants. TVEL Fuel Company of Rosatom provides nuclear fuel for 73 power reactors in 13 countries worldwide, research reactors in eight countries, as well as transport reactors of the Russian nuclear fleet. Every sixth power reactor in the world operates on fuel manufactured by TVEL. www.tvel.ru

NovaWind JSC is a division of Rosatom; its primary objective is to consolidate the State Corporation's efforts in advanced segments and technological platforms of the electric power sector. The company was founded in 2017. NovaWind consolidates all of the Rosatom’s wind energy assets – from design and construction to power engineering and operation of wind farms.

Overall, by 2023, enterprises operating under the management of NovaWind JSC, will install 1 GW of wind farms. http://novawind.ru

Elemash Magnit LLC is a subsidiary of Kovrov Mechanical Plant (an enterprise of the TVEL Fuel Company of Rosatom) and its main supplier of magnets for production of gas centrifuges. The company also produces magnets for other industries, in particular, for the automotive

industry. The production facilities of Elemash Magnit LLC are located in the city of Elektrostal, Moscow Region, at the site of Elemash Machine-Building Plant (a nuclear fuel fabrication facility of TVEL Fuel Company).

Rosatom is a global actor on the world’s nuclear technology market. Its leading edge stems from a number of competitive strengths, one of which is assets and competences at hand in all nuclear segments. Rosatom incorporates companies from all stages of the technological chain, such as uranium mining and enrichment, nuclear fuel fabrication, equipment manufacture and engineering, operation of nuclear power plants, and management of spent nuclear fuel and nuclear waste. Nowadays, Rosatom brings together about 350 enterprises and organizations with the workforce above 250 K. https://rosatom.ru/en/

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