India’s leading e-commerce startup Flipkart has accelerated the pace of its growth and foray into new domains since its acquisition by Walmart in a $16 billion deal. Flipkart has acquired Israel-based Upstream Commerce, real-time pricing and product assortment optimisation solutions provider, strengthening its expansion into the international markets.
Avendus Capital acted as the financial advisor to Upstream Commerce for the deal.
After the acquisition, the Upstream Commerce team will continue to work out of Israel, becoming a part of Flipkart’s many global centres for future data science work.
Talking about the acquisition, Kalyan Krishnamurthy, CEO, Flipkart, said, “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.”
Upstream Commerce was founded by Amos Peleg and Shai Geva in 2010. The startup enables its clients to boost sales through real-time competitive insights, smarter pricing, and optimal product assortment.
Flipkart will be able to leverage Upstream’s capabilities to help its sellers to boost their sales and deliver better experience and profits.
Upstream Commerce last raised $2 million in debt funding round from growth and venture lending firm Viola Credit, in December 2014.