Former CEO of Flipkart invests $2million in his new Startup venture OppDoor
Flipkart Founder Binny Bansal has just invested $2million fund in his new venture OppDoor. According to recent Singapore regulatory filings, the funding round saw participation of Three State Ventures who offered venture fund for this startup.
The startup provides a software backed service that aims to help emerging online retail brands expand globally. The Three State ventures is the investment vehicle of Bansal, sponsored through his personal capital. The whole process of funding was made in multiple tranches over the past few months, while the latest cash infusion was in February.
The startup is a SaaS based platform which helps the e-commerce companies to expand in new region. Reportedly, 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.
Lately, Bansal stepped down from the managerial board of Flipkart, and he sold some of his stake in Flipkart for $264million to Chinese tech giant Tencent. This brought down his stake to 1.84%. Previous 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 billion. Walmart, the US-based retailer, now holds 80.5% in Flipkart.
In 2023, the retail giant took up Tiger Global’s shares in the company for $1.4 billion, giving it a chance to exit. Bansal, who shifted his base to Singapore after exiting from the operating role in Flipkart in 2018, has been a frequent visitor to Bengaluru over the past year.
Apart from 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. Bansal has invested in top startup companies like Curefoods, PhonePe and Acko over the years.
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The startup provides a software backed service that aims to help emerging online retail brands expand globally. The Three State ventures is the investment vehicle of Bansal, sponsored through his personal capital. The whole process of funding was made in multiple tranches over the past few months, while the latest cash infusion was in February.
The startup is a SaaS based platform which helps the e-commerce companies to expand in new region. Reportedly, 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.
Lately, Bansal stepped down from the managerial board of Flipkart, and he sold some of his stake in Flipkart for $264million to Chinese tech giant Tencent. This brought down his stake to 1.84%. Previous 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 billion. Walmart, the US-based retailer, now holds 80.5% in Flipkart.
In 2023, the retail giant took up Tiger Global’s shares in the company for $1.4 billion, giving it a chance to exit. Bansal, who shifted his base to Singapore after exiting from the operating role in Flipkart in 2018, has been a frequent visitor to Bengaluru over the past year.
Apart from 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. Bansal has invested in top startup companies like Curefoods, PhonePe and Acko over the years.
