Binny Bansal’s Three State Ventures Backs His New Startup OppDoor

Flipkart cofounder Binny Bansal has injected $2 Mn (INR 16.5 Cr) into his new venture, OppDoor, through investment vehicle Three State Ventures. 

The investment was made in multiple tranches over the past few months, while the latest cash infusion was in February. The startup is also in talks to tap executives from Flipkart group, ET reported.

OppDoor is a SaaS platform aimed at helping ecommerce companies looking to expand into new regions. The startup aims to offer services in areas ranging from advertising strategies to enhanced catalogues. 

Interestingly, OppDoor is not operational in India, as mentioned on its website. Currently, the startup caters to clients across the US, the UK, Canada, Mexico, Germany, Singapore, Japan and Australia.

It claims to partner with leading private-label brands to unlock their business potential and aims to equip brands with all the ongoing competitive intelligence. 

Recently, Bansal also stepped down from the board of Flipkart, citing a conflict of interest between the ecommerce major and his new venture. 

In 2022, Binny Bansal sold some of his stake in Flipkart for $264 Mn (around INR 2,060 Cr) to Chinese tech giant Tencent, and brought down his stake count to 1.84%. Last year, Bansal sold his remaining stakes in Flipkart to its new owner Walmart which acquired majority stakes in the ecommerce giant in 2018 for $18 Bn. 

Later, in 2023, the retail giant took up Tiger Global’s shares in the company for $1.4 Bn, giving it an exit.

After Walmart’s acquisition, both the founders of the ecommerce giant stepped down. However, according to Walmart’s announcement, Bansal was asked to resign on grounds of “serious personal misconduct” against him.

In addition to being an entrepreneur, Bansal is also an active investor in several startups including VideoVerse, Curefoods, SuperK, among others. Also, he launched B2B startup XTo10X Technologies to help startups with product-market fit and initial business momentum.