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Over the past 14 years , 618 investors have co-invested in Catamaran's portfolio companies. This includes funds and angels.

• Invested before Catamaran : Sequoia Capital , Accel and 126 others have invested in rounds before Catamaran . There are 4 companies where Sequoia Capital has invested before Catamaran and 2 companies where Accel has invested before Catamaran .
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• Invested after Catamaran : A total of 387 investors have invested in Catamaran's portfolio after their investments. Top Investors include IFC ( 3 companies ) and Subba Telidevara ( 2 companies ) .

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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

• Narayan Murthy
• Catamaran Ventures
• software versus manufacturing in India

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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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Narayana Murthy’s Catamaran Venture buys 1.12% stake in Gokaldas Exports

Gokaldas exports is one of the largest manufacturer and exporter of apparels in india, with annual turnover of $200 million.

In the past one month, the stock of Gokaldas Exports has surged 11.4 percent as against 1 percent decline of the Sensex benchmark during the same period

Venture capital firm Catamaran Ventures LLP, led by Infosys cofounder NR Narayana Murthy, bought a 1.12 percent stake in apparel manufacturer Gokaldas Exports , revealed the company’s shareholding data by the end of September. Catamaran Ventures owned around 6.7 lakh equity shares in Gokaldas Exports, which is worth over Rs 57 crore (as per October 12 closing price).

On October 12, around 5 lakh shares exchanged hands at both the exchanges, as against 4 lakh shares on a-month average basis.

Follow live blog for all the market action

In the past one month, the stock of Gokaldas Exports has surged 11.4 percent as against 1 percent decline in the Sensex benchmark during the same period. Earlier, the stock had hit 52-week high of Rs 883 per share on August 30, 2023.

Gokaldas Exports is one of the largest manufacturer and exporter of apparels in India, with annual turnover of $200 million. Through its retail subsidiary ‘The Warehouse’ – the company sells garments to the Indian retail market through offline channels.

Related stories

With more than 22 manufacturing facilities, the company is gearing up for further expansion. Some of the company’s key clientele include international brands like GAP, H&M, Adidas, PUMA and ZARA.

Also Read:  A good yarn: Gokaldas Exports’ story of success likely to continue

Catamaran Ventures has made investments across high-growth sectors like e-commerce, technology, financial services, healthcare, and education. Some of their latest investments, as per their company’s website, included SpaceX, Reddit, Loco, Udaan, Paper Boat, among several others.

In the June-ended quarter of fiscal year 2023-24 (Q1FY24), the Gokaldas Exports’ consolidated net profit declined 17.4 percent year-on-year (YoY) to Rs 32.5 crore from Rs 39.4 crore, in the year-ago period due to drop in exports to the US and European nations. The company’s consolidated revenue, too, saw a decline of 15.7 percent YoY to Rs 514 crore in Q1FY24.

That apart, earnings before interest, tax, depreciation, and amortisation (Ebitda) fell 16.7 percent YoY to Rs 60.2 crore in Q1FY24, while Ebitda margins contracted by 10 basis points (bps) YoY to 11.7 percent.

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Start-Up Investors Push Back Against Venture Capital’s Bigger-Is-Better Mantra

A small but vocal group is forming new funds and taking new approaches to counter the swell of money into venture capital in recent years.

By Erin Griffith

Reporting from San Francisco

After nearly 10 years running his own venture capital firm, Nick Chirls decided to call it quits this year.

His firm, Notation Capital, had raised three funds and invested in more than 100 companies. But Mr. Chirls said he had become disillusioned as venture capital grew from a collection of small partnerships into an industry dominated by firms that managed enormous sums.

The focus on accumulating and deploying as much money as possible “completely dehumanized the entire business,” he said.

Instead, Mr. Chirls is starting a new kind of firm. From the outside, the endeavor, Asylum Ventures, looks like his old firm, with a $55 million venture fund that will invest in very young tech companies. But the approach is set to be very different, making fewer investments over a longer period in companies that will not need to raise increasingly large funding rounds, he said.

Mr. Chirls and his partners, Jonathan Wu and Mackenzie Regent, are part of a small but vocal group of start-up investors who are pushing back against venture capital’s changing scope and priorities. Venture capital investing has traditionally involved small groups of financiers who backed very young, very risky companies that couldn’t obtain traditional loans. The sums invested were often small.

But that changed in recent years as investors poured billions of dollars into unproven start-ups with little diligence and investment firms expanded rapidly into new strategies and geographies. Last year, venture capital managed $1.1 trillion, up from $297 billion in 2013, according to PitchBook, which tracks start-ups.

The growth was, in some ways, a natural result of the outsize expansion of the tech industry over the last decade. The five most valuable public companies — Apple, Nvidia, Microsoft, Amazon and Alphabet — were initially backed by venture capital. And since many tech start-ups stay private longer than they did in the past, there were more opportunities for venture funds to back them.

The expansion has damaged what makes the tech industry special, Mr. Chirls said, which is why Asylum is aiming to do things differently. Most venture capital funds raise money from outside investors and deploy it in dozens of start-ups within two to three years. The start-ups then raise numerous rounds of funding, with the aim of selling or going public and earning a return for investors.

But Asylum plans to make only four or five investments a year over a longer period, Mr. Chirls said. It will also focus on backing start-ups that need only a small amount of money — as little as $500,000 — to get going.

“Those are rare,” Mr. Chirls said. “There are not hundreds of them.”

He said he was inspired by A24 , the independent movie company known for hits like “Everything Everywhere All at Once,” which fosters small, unusual projects that the big Hollywood studios won’t touch.

Bryce Roberts, an investor at Indie.vc, a firm that encourages start-ups to put a priority on building sustainable businesses over raising the most money, said he supported these tiny forms of resistance.

“We’re still a small minority,” Mr. Roberts said. “My hope is it starts to validate this approach.”

Terrain, another firm, has also urged founders to explore new ways of expanding businesses beyond the typical start-up track of raising more money.

Mr. Chirls, previously a bond trader at Lehman Brothers, found his way to start-ups after the 2008 financial crisis. He was struck by the way some entrepreneurs he met, like David Karp, who founded the blogging platform Tumblr, approached building tech products as creative endeavors.

Mr. Chirls became an investor at Betaworks, a New York-based start-up studio, before forming Notation with a partner, Alex Lines, in 2015. Notation was among the first funds focused on “pre-seed” investing, or the very earliest funding a start-up raises.

The firm invested in start-ups including Bison Trails, a crypto start-up that sold to Coinbase, and Parsec Cloud, a gaming start-up that sold to Unity Software. So far, Notation’s first fund has returned more than three times the capital raised, while its second has returned more than two and a half times, putting them in the top 5 percent of funds in the years they were raised, according to data from Notation Capital and Cambridge Associates, which tracks venture fund performance.

Since then, larger funds have moved into the pre-seed area, as the venture industry has become awash in cash.

The growth and a frenzy of start-up deal-making — which Mr. Chirls said reminded him of his time at Lehman and “was indistinguishable from a trading floor” — peaked in 2021, he said. He considered leaving the industry but decided, with Mr. Wu and Ms. Regent, who worked at Notation, on a new approach.

Limited partners, which back venture funds, were willing to give Asylum more than the $55 million it raised, said Beezer Clarkson, an investor at Sapphire Partners, which put money into the new fund.

Ms. Clarkson said she appreciated that Mr. Chirls “stayed true to his power alley” by keeping the fund small, since smaller funds tended to perform the best.

Erin Griffith covers tech companies, start-ups and the culture of Silicon Valley from San Francisco. More about Erin Griffith

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