Flipkart, India’s largest e-commerce marketplace, has taken over Israel-based Upstream Commerce to strengthen its innovation capabilities.
Upstream Commerce is a world leader in real-time pricing and product assortment optimisation solutions. It is one of the leading technology startups of Israel and is building cloud-based, automated competitive pricing and product analysis solutions.
“We are excited to become a part of India’s largest e-commerce player. During our discussion, as we got to know more about Flipkart, we realized that we share the same passion for technology, and the same vision for the contribution of data science to the future and success of online retail. The choice and vision of Flipkart to establish its presence in Israel through acquiring Upstream Commerce is a significant vote of confidence in the company’s team, technology and domain expertise, and are looking forward to help growing the presence of Flipkart in Israel,” said Amos Peleg, CEO Upstream Commerce.
Flipkart is expecting to strengthen its ability to deliver insights to its sellers, helping them optimise their product assortment and pricing strategies and find gaps in the market to serve customers better using their solutions.
Post the acquisition, the Upstream Commerce team, while continuing to work out of Israel, will become a part of Flipkart and become Flipkart’s one of the many global centers for future data science work.
“In the past decade, Flipkart has not only pushed for e-commerce growth in India but has also solved quintessential Indian problems through technology innovations and we will continue to be aggressive in building and getting global tech to solve for some of the hardest e-commerce problems. With the Upstream acquisition, we will now have tech and talent presence across Asia, US and Israel, some of the key global hubs for innovation. The team at Upstream Commerce is highly talented and as we welcome them to Flipkart we are also looking forward to making Israel one of our excellence centres to do cutting edge data science work,” said Kalyan Krishnamurthy, CEO, Flipkart.
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.