13th March 2024: Recent Singapore regulatory papers seen by ET show that Binny Bansal, the founder of Flipkart, has invested just under $2 million in his new business, OppDoor. This money came from the venture capital fund Three State Ventures. The goal of OppDoor, a software services platform, is to help new online stores go global. Bansal uses his own money to fund Three State Ventures, which is a business vehicle. The papers showed that it invested the money in several parts over the past few months. The most recent payment was made in February.
ET was the first to report that Bansal quit Flipkart’s board in January, which officially ended his relationship with the company. He has been making investments in other startups with the money from the sale of Flipkart shares. When an email was sent to Bansal, there was no answer right away. It still needs to be clarified if Bansal will get money for his business from outside sources.
Conclusion
OppDoor has been in talks with former top leaders from the Flipkart group to hire them. At the same time, it hired a number of people in Bengaluru for different positions. The company is currently helping Amazon’s US brands do business in foreign e-commerce markets. After leaving his operating job at Flipkart in 2018, Bansal moved his base to Singapore. However, he has been to Bengaluru many times in the past year.
