Flipkart acquires Israel-based Upstream Commerce, Acquisition to help Flipkart establish Israel an overseas innovation center to support e-commerce in India
Flipkart has strengthened its development capabilities with the acquisition of Israel-based Upstream Commerce, a real-time pricing and product assortment optimization solutions. One of Israel’s leading technology new businesses, Upstream Commerce manufactures cloud-based, automated competitive pricing and product examination solutions. These solutions will strengthen Flipkart’s capacity to deliver experiences to its sellers, helping them optimize their product assortment and pricing strategies and discover holes in the market to serve customers better.
Post the acquisition, the Upstream Commerce team, while proceeding to work out of Israel, will become a piece of Flipkart and become Flipkart’s one of the numerous worldwide centers for future information science work.
The acquisition is in line with Flipkart’s vision to solve e-commerce challenges through technology advancements both through in house efforts and also inorganic route, and will help provide wider selection and better pricing for Flipkart customers.
“In the previous decade, Flipkart has not just pushed for e-commerce development in India yet has additionally solved quintessential Indian problems through technology advancements and we will continue to be aggressive in building and getting worldwide tech to solve for some of the hardest e-commerce problems. With the Upstream acquisition, we will now have tech and talent presence crosswise over Asia, US and Israel, some of the key worldwide center points for development. The team at Upstream Commerce is exceedingly talented and as we welcome them to Flipkart we are additionally anticipating making Israel one of our excellence centers to do bleeding edge information science work,” said Kalyan Krishnamurthy, CEO, Flipkart.
“At Flipkart, we have helped get lakhs of little and medium businesses online and it is vital at these businesses to cost their products correctly. While we have been actively developing machine learning calculations to further improve the selection and pricing parameters for sellers, we believe that through added capabilities from Upstream, we will be able to provide them with automated pricing and help plan better selection in the most accurate, timely, and profitable way. These capabilities will be a major expansion for us and together with our inhouse AI capabilities, we will be able to share actionable bits of knowledge with our sellers to help them make informed decisions on products and their pricing,” said Anil Goteti, Head of Marketplace, Flipkart.
Commented Amos Peleg, CEO Upstream Commerce, “We are excited to become a piece of India’s largest e-commerce player. Amid our discussion,, as we became acquainted with more about Flipkart, we realized that we share the same energy for technology, and the same vision for the commitment of information science to the future and success of online retail. The choice and vision of Flipkart to establish its presence in Israel through obtaining Upstream Commerce is a critical vote of confidence in the organization’s team, technology and area expertise, and are anticipating help developing the presence of Flipkart in Israel.”
Upstream Commerce was backed by YL Ventures as a leading investor from its inception to acquisition. Avendus Capital was the financial advisor to Upstream Commerce.