New York’s I-bank sues Flipkart for $800k over Israeli start-up buy: report

Alleging breach of contract, unjust enrichment and other claims, Wolet Capital Corp, an investment bank specializing in US-India cross-border deals, has reportedly sought $800,000 in damages and cost from Flipkart for failing to pay it for advisory services related to the acquisition of Upstream Commerce.

Flipkart bought Israel-based Upstream Commerce in September 2018 for an undisclosed amount. The objective was to bring advanced and data science-based intelligent solutions to India to help local sellers boost sales and better serve Flipkart customers.

According to a report in Economic Times, Wolet has alleged that Flipkart failed to pay it for advisory services related to the Upstream acquisition.