Flipkart acquires Israel-based Upstream Commerce

Through this acquisition, Flipkart hopes to bring advanced data science-based intelligent solutions to India to help its local sellers boost sales.
Flipkart acquires Israel-based Upstream Commerce
Flipkart acquires Israel-based Upstream Commerce

In a big to strengthen its innovations capavilities, e-commerce marketplace Flipkart has acquired Israel-based Upstream Commerce, a world leader in real-time pricing and product assortment optimization solutions.

Upstream Commerce, which is touted to be one of Israel’s leading technology startups, ​builds cloud-based, automated competitive pricing and product analysis solutions. ​These solutions, Flipkart claims, will strengthen its ability to deliver insights to its sellers, helping them optimize their product assortment and pricing strategies and find gaps in the market to serve customers better.

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,” ​ Kalyan Krishnamurthy, CEO, Flipkart said in a statement.

This acquisition comes at a time when Flipkart is looking to solve e-commerce challenges through technology innovations in house efforts as well as inorganic route.

Anil Goteti, Head of Marketplace at Flipkart adds that capabilities from Upstream will help provide Flipkart with automated pricing and help plan better selection ​in the most accurate, timely, and profitable way. ​These capabilities, he says, will be a big addition for Flipkart and together with its ​inhouse AI capabilities, Flipkart will be able to share actionable insights with its sellers to help them make informed decisions on products and their pricing.

“​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,” Amos Peleg, CEO Upstream Commerce​ said.

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.

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