Walmart-owned Flipkart has now inked an acquisition deal with Israel retail analytics startup Upstream Commerce. The Indian e-commerce major which recently bought speech recognition startup Liv.ai is now bolstering its AI capabilities by adding Upstream to strengthen its AI product stack. Reportedly, the move will help Flipkart to deliver real-time pricing and product analytics to its seller partners. According to an ET report, industry insiders have hinted that Flipkart bought the retail intelligence startup for around $30-40 million.
The startup was founded in 2010 by Amos Peleg and Dr Shai Geva and provides advanced data mining, artificial intelligence to enable online retailers to match products with partial data and also track and analyse the right kind of detail. The advanced cloud solution, doesn’t require IT integration or setup on the client’s end, thereby minimizing the effort of the IT team. Upstream Commerce offers a suite of products related to predictive price optimization, pricing intelligence, lifecycle intelligence among others. In December 2016, Israeli startup which registered a 385 percent growth rate over the last three years, was also named Deloitte Technology Fast 500 EMEA list, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in Europe, the Middle East and Africa. The startup was backed by YL Ventures.
The acquisition will help Flipkart improve its product pricing strategy. News report further indicate the technology will allow sellers to stock relevant products and sell better. Flipkart will also be able to expand its product inventory better with this technology.
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Richa Bhatia is a seasoned journalist with six-years experience in reportage and news coverage and has had stints at Times of India and The Indian Express. She is an avid reader, mum to a feisty two-year-old and loves writing about the next-gen technology that is shaping our world.