Flipkart acquires Israeli startup
India’s leading e-tailer Flipkart has said that it has acquired Israel-based Upstream Commerce startup for an unspecified amount to strengthen its selection and pricing capability...
“The acquisition enables us to help sellers boost sales and serve customers better with Upstream’s advanced and data science-based intelligent solutions,” said the city-based retail giant Walmart-owned company in a statement. A leader in real-time pricing and product assortment optimisation solutions, the eight-year-old Tel Aviv-headquartered startup builds cloud-based, automated competitive pricing and product analysis tools. “The acquisition will also help us to have an overseas centre to support our business in India with its 20-member team based in Israel,” a company spokesperson told IANS.
Post-acquisition, the startup will continue to work in Tel Aviv and become one of Flipkart’s global centers for data science work. “Upstream’s solutions will enable us to give insights to our sellers, help them optimise product assortment, pricing strategy and find gaps in the market,” noted the statement.
The buyout is in line with Flipkart’s vision to solve e-commerce challenges through innovations and will help provide wider selection and better pricing for its customers. “We have spurred e-commerce growth across the country and solved local problems through innovations. With Upstream, we will have tech and talent presence across Asia, Israel, the US and some global hubs for innovation,” said company’s Chief Executive Kalyan Krishnamurthy on the occasion.