India’s Flipkart to Acquire Israeli Retail Analytics Startup Upstream Commerce
Upstream offers online retailers a pricing and product analytics service
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Founded in 2010, Upstream is based in both Tel Aviv and New York. The company offers online retailers a pricing and product analytics service.
Flipkart, founded in 2007 and headquartered in Bengaluru, India, is the country’s e-commerce leader, with over 100 million registered users, over 100,000 sellers and over 80 million products on offer. The company reported revenues of $3.07 billion for the fiscal year ended March 2017. In August, Walmart completed its $16 billion acquisition of a 77% stake in Flipkart.
Upstream raised around $6 million in total equity to date. Investors including Israeli venture capital firm YL Ventures, Moscow-based Bright Capital, and Los Gatos, California-based Webb Investment Network.
Upstream’s team will continue to operate from Israel, according to the announcement by the companies.
Flipkart is “looking forward” to making Israel one of its “excellence centers,” Flipkart CEO Kalyan Krishnamurthy said.
Israel-based law firm Shibolet & Co. represented Flipkart. Israel-based Glusman & Co. represented Upstream.