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Flipkart acquires Israeli startup Upstream

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Bengaluru, Sep 25 (IANS) India’s leading e-tailer Flipkart on Tuesday said it has acquired Israel-based Upstream Commerce startup for an unspecified amount to strengthen its selection and pricing capability.

“The acquisition enables us to help sellers boost sales and serve customers better with Upstream’s advanced and data science-based intelligent solutions,” said the city-based retail giant Walmart-owned company in a statement here.

A leader in real-time pricing and product assortment optimisation solutions, the eight-year-old Tel Aviv-headquartered startup builds cloud-based, automated competitive pricing and product analysis tools.

“The acquisition will also help us to have an overseas centre to support our business in India with its 20-member team based in Israel,” a company spokesperson told IANS.

Post-acquisition, the startup will continue to work in Tel Aviv and become one of Flipkart’s global centers for data science work.

“Upstream’s solutions will enable us to give insights to our sellers, help them optimise product assortment, pricing strategy and find gaps in the market,” noted the statement.

The buyout is in line with Flipkart’s vision to solve e-commerce challenges through innovations and will help provide wider selection and better pricing for its customers.

“We have spurred e-commerce growth across the country and solved local problems through innovations. With Upstream, we will have tech and talent presence across Asia, Israel, the US and some global hubs for innovation,” said company’s Chief Executive Kalyan Krishnamurthy on the occasion.

Backed by YL Ventures as a leading investor since its inception in 2010, the startup will be one of Flipkart’s excellence centres to do cutting-edge data science work.

Upstream Chief Executive Amos Peleg said Flipkart’s choice to have presence in Israel through the acquisition was a vote of confidence in his team, technology and domain expertise.

“We share the same passion for technology and vision for the contribution of data science in future and success of online retail as Flipkart,” said Peleg.

Though Flipkart has been developing machine learning algorithms to improve the selection and pricing parametres for sellers and helped thousands of small and medium businesses get online, it is betting on Upstream providing it with automated pricing and planning better selection.

“Upstream’s expertise will be a huge addition for us and our in-house AI capabilities, which will share actionable insights with sellers to help them make informed decisions on products and their pricing,” added Flipkart’s Marketplace Head Anil Goteti.

The 11-year-old e-shopping portal claims to have over a lakh sellers and offers a whopping 80 million products across 80 categories, including smartphones, books, media, consumer electronics, furniture, fashion and lifestyle.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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