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

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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

Company News: Charging rupture of agreement, low enhancement and different cases, Wolet Capital Corp, a speculation bank represent considerable authority in US-India cross-fringe bargains, has supposedly looked for $800,000 in harms and cost from Flipkart for neglecting to pay it for warning administrations identified with the obtaining of Upstream Commerce.

Flipkart purchased Israel-based Upstream Commerce in September 2018 for an undisclosed sum. The goal was to bring progressed and information science-based wise answers for India to enable neighborhood merchants to support deals and better serve Flipkart clients.

As indicated by a report in Economic Times, Wolet has asserted that Flipkart neglected to pay it for warning administrations identified with the Upstream procurement.

According to the report, Wolet Capital not just recognized Israeli investigation startup Upstream as a potential procurement target yet the venture bank likewise took a shot at the obtaining for a while dependent on 'express guarantees' that it would be paid for its administrations if an exchange shut. Be that as it may, Flipkart supposedly would not pay the venture bank.

Following the claim recorded in the New York Southern District Court, Flipkart has been called by the court however are yet to react to the suit

Business Standard