In this week, another acquisition in India. Flipkart Indias first E-Commerce platform store owned by Walmart group acquired another startup Upstream Commerce which is Israel retail analytics firm. Recently Flipkart acquired voice recognition startup Liv.ai reinforce the artificial intelligence capabilities by adding Upstream Commerce, which becomes forceful in AI. The Flipkart giving signs that it is going to acquire more startups from the fields of AI and machine learning.
The acquisition useful for the Flipkart to deliver real-time pricing, for the seller it will provide product analytics. The deal price not yet revealed by both companies but according to information from industry experts, it may be around $30-40 Million.
The retail intelligence firm Upstream Commerce started by Amos Peleg and Dr. Shai Geva in the year 2010. Amos Peleg is the current CEO of the company. The company will help companies to raise their sales through real-time insights, and smarter pricing. It will use the artificial intelligence, semantic analysis, and data mining technology to find out and analyze competitor pricing. We provide various products like pricing intelligence, predictive pricing&mining, life cycle intelligence, and assortment intelligence.
The Upstream Commerce startup team of 20 members will join the Flipkart soon in a few months; they will work from Israel for Flipkart after the acquisition. The analytics startup bagged the first position in fastest growing technology companies among 500, Deloitte Technology Fast 500 EMEA list. The Upstream funded by YL Ventures. It is providing services to various sectors like sellers, buyers, marketing executives, merchandisers, online merchants, and manufacturers.