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Billionaire Infosys founder Murthy to double private firm's investments

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.

Narayan Murthy, Infosys Ltd. founder

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First Published: May 24 2023 | 10:38 PM IST

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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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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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Narayana Murthy

Founder & chairman emeritus.

Mr. Murthy is a globally-respected entrepreneur and founder of Infosys Limited (NYSE: INFY). He founded Infosys in 1981. Infosys is, today, a highly-innovative software services global company listed on NYSE in the US and on the Bombay Stock Exchange in Mumbai with US$ 14 billion in revenue and about US$ 95 billion in market capitalization.

In 2014, Mr. Murthy was ranked 13th among CNBC’s 25 global business leaders and was listed among the ‘12 greatest entrepreneurs of our time’ by Fortune magazine in 2012. He received the Legion d’honneur from France, CBE from Britain and Padma Vibhushan from India. The Economist ranked him among the 10 most-admired global business leaders in 2005. He is the first Indian winner of Ernst and Young’s World Entrepreneur of the Year award.

Currently, Mr. Murthy serves on the boards of the Institute for Advanced Study at Princeton, New Jersey and the United Nations Foundation. He has served on the boards of Ford Foundation in New York, HSBC and Unilever in London.

Catamaran, 51/52 1st Main Road, 3rd Phase J P Nagar, Bengaluru, Karnataka 560 078, India.

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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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1. Rostov City Hall

This building used to host the City Duma House before it became home to the Mayor’s office. This remarkable building was a project of Alexander Pomerantsev, a famous Russian architect who designed the Alexander Nevsky Cathedral in the Bulgarian capital of Sofia, built from 1897 to 1899.

The building was built in the Beaux-Arts style, an architectural style that mixed the principles of French neoclassicism with Gothic and Renaissance elements. A fire damaged the building in 1922 and WWII did too. Restored after the war, the City Hall to this day remains one of the most beautiful buildings in Rostov-on-Don. 

2. Chernova Mansion

This magnificent residential house was built in 1899 as a present for a paramour of a rich man. The building’s main feature is the belvedere decorated with a miniature dome. The facade of the building is striking in appearance, decorated by sculptures and a massive balcony. 

The original owner lost the building, as it was nationalized after the 1917 Bolshevik Revolution. Since then, throughout the years, the building has hosted a dressmaking school, a prosecutor’s office and an archive.

The building went through a major reconstruction in 2001. Since then, it’s hosted a bank office. It also has the status of an object of the cultural heritage of regional importance.

3. Paramonov Mansion

Another residential building on our list was built in 1914 for a millionaire Nikolay Paramonov, who had just been amnestied from a three-year prison term he was sentenced to for “disrespecting the authorities and calling for the overthrow of the state system” in Tsarist Russia. 

The uncompromising millionaire lived there with his wife and children up until the building was requisitioned by the Bolsheviks, whom Paramonov had supported only a few years before that. 

A fire damaged the building in 1918, but it was reconstructed in 1923, only a few years after Paramonov had fled from the turbulent country to settle in Germany. In the 1930s, the building was turned into a local museum and, later, into a library.

4. The building of the State Bank

Constructed in 1915, it was originally built as a replacement to a much smaller building occupied by an office of the State Bank of the Russian Empire. 

Like many other notable buildings in the city, this one was nationalized by the Soviet regime after the Russian Revolution. The building underwent its latest reconstruction in 1994, during which the original heraldic composition and the sign of the state bank office were restored.

Today, the historic building hosts a Rostov branch of Russia’s Central Bank. It, too, has the status of an object of the cultural heritage of regional significance.

5. Martyn brothers’ house

A local architect designed this building with construction being completed in 1893. The first owner of the building was British subject Ivan Martyn and his family. Its unusual architectural style combined Russian and German influences: the two-story building also has a small tower. 

In the 1920s the building was nationalized and transformed into communal apartments. Then, in 2007, the building was given to a museum complex dedicated to the life and work of author Mikhail Sholokhov.

6. Petrov Mansion

This building was constructed at the end of the 19th century and has an unusual story of ownership. In 1898, it belonged to a railroad company that promised it as a bonus to any lawyer who would help it win a business-related hearing in court.

Rostov lawyer Apollon Petrov stepped forward and helped the company win the case. Not only did he receive a position as legal adviser to the management of the company as a result, but he also became the rightful owner of this magnificent and luxurious residential building, where he lived with his wife and children.

After the Russian Revolution, Petrov resettled in France, while his mansion was nationalized. In 1959, the building was transferred to the Rostov Regional Museum of fine arts. 

7. School of household economics and cooking

Nikolai Tokarev, a rich merchant from Rostov, used his funds to launch a school where pupils were taught household economics and cooking in 1898. Two years later, in 1901, the merchant sponsored the construction of a two-story building that would host his school. Upon completion, Tokarev gave the building as a gift to the city.

In Soviet times, the building hosted a canteen, yet in the 1990s, it was privatized. In 2009, the building was acquired by a restaurant business. The new owners changed the original reddish color of the walls to grey.

8. Rostov Drama Theater

At the time of construction in 1935, this building was a pearl of the Constructivist architectural style in the USSR, one that aimed to reflect modern industrial society by rejecting decorative stylization and alluring to industrial progress.

In particular, the architects of the Maxim Gorky Rostov Drama Theater drew inspiration from the industrial boom in the USSR and designed the building to resemble a giant tractor with caterpillar tracks. 

9. Iversky Convent

Legend has it that Samuil Fyodorov, a rich Rostov merchant, had  this convent commissioned for his daughter, who had wished to become a nun. The monastery was completed and consecrated in 1908. 

Locals also believe that Nicholas II, the last Tsar, and his son Alexei visited the monastery when they were passing by Rostov. During WWI, the convent hosted an orphanage for girls from Poland.

The Soviet authorities shut the convent in 1929. Yet, in 1991, after the dissolution of the USSR, the female monastery was reopened. 

10. Surb Khach Church

This 18th-century Armenian Surb Khach church is also known as the Holy Cross Church. Constructed between 1786 and 1792, it is often referred to as the oldest building in the city that has survived to today.

Now, it is one of the most popular places in Rostov-on-Don for the Epiphany bathing ritual among city residents.

Click here for 10 most BEAUTIFUL buildings & sites in Kaliningrad.

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