Flipkart co-founder Binny Bansal launches e-commerce startup 'OppDoor'

Prameyanews English

Published By : Prameya News Bureau | January 02, 2024 IST

Binny Bansal

New Delhi, Jan 2: Flipkart co-founder Binny Bansal has come up with a new venture – ‘OppDoor’, which will help e-commerce companies expand operations globally by providing them with end-to-end solutions, a media report said on Tuesday.

According to the filings, the company is registered in Singapore and was founded in May 2021.

OppDoor was previously known as Three State Ventures Pte Ltd, reports Moneycontrol.

OppDoor will first target e-commerce businesses in the US, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia.

India does not find a mention on the website yet, the report noted.

According to the company's website, OppDoor provides "a comprehensive suite of services."

It adds that OppDoor’s services “span a brand's complete lifecycle, from birth to exit. Hence, we provide both fully managed operations and business advisory services".

The website also mentioned, "OppDoor delivers fully-managed Amazon services aimed at expanding your private label brands across multiple regions globally.”

“Brands with multi-region presence walked away with 3x higher exit multiples compared to brands selling in only one or two Amazon regions," it added.

Three State Ventures is Bansal's Singapore-based venture capital firm. The firm has backed various firms in India, including Curefoods, Scapia, and others, the report mentioned.

Last year, Bansal sold his remaining stake in Flipkart and received about $1-$1.5 billion from his shareholding in Flipkart.

Binny, along with Sachin Bansal, exited Flipkart after selling it to Walmart in 2018 for around $16 billion. Binny has backed around 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others.

(IANS)

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