Following his co-founding role at Flipkart, Binny Bansal launches OppDoor, his second entrepreneurial venture in the e-commerce sector. Geared towards businesses, this software services platform aims to facilitate the global expansion of emerging e-commerce brands.
Bansal, who concluded his full exit from Flipkart last year by selling his remaining stake to Walmart, has enlisted former executives from Flipkart for his latest venture, according to individuals familiar with the situation.
As per OppDoor’s website, it functions as a ‘managed services platform for global expansion.’ The platform aims to support e-commerce brands by providing comprehensive services covering global markets, customer behavior, taxation and compliance, as well as collaborations with third-party vendors, according to the website.
The startup operates under a Singapore-registered entity initially named Three State Ventures, which has now been rebranded as OppDoor. Binny Bansal’s venture fund shares the same name, Three State Ventures. As of now, there has been no immediate response from Bansal regarding ET’s request for comment. Binny Bansal, alongside his unrelated fellow IIT-Delhi graduate Sachin Bansal, co-founded Flipkart in Bengaluru in 2007.
Several months post Walmart’s acquisition of Flipkart, Binny Bansal had to resign from his position as the group chief executive. Due to an investigation into allegations of serious personal misconduct. This statement was released by Walmart in November 2018. Despite being cleared of the charges, Bansal retained his position on the board of the e-tailer.
Since that time, he has been residing in Singapore but remains an engaged investor in Indian startups. Noteworthy among his startup investments are Curefoods, PhonePe, and Acko. Additionally, he holds a significant stake in the early-stage fund O21 Capital and is a major investor in xto10x, a firm providing consulting services to startups.