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India's largest e-commerce marketplace Flipkart today said that it has acquired Israeli-based Upstream Commerce to deliver insights to its sellers.
"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 centers to do cutting-edge data science work," said Kalyan Krishnamurthy, CEO, Flipkart.
Post the acquisition, the Upstream Commerce team, while continuing to work out of Israel, will become a part of Flipkart.
"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 helping to grow the presence of Flipkart in Israel," Amos Peleg, CEO Upstream Commerce said.
The acquisition is in line with Flipkart's vision to solve e-commerce challenges through technology innovations- both through in-house efforts as well as inorganic route, and will help provide wider selection and better pricing for Flipkart customers.
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.