Flipkart founder Binny Bansal invested under $2 million through venture firm Three State Ventures in his new company, OppDoor.
A software services platform called OppDoor seeks to assist new and developing internet retailers in their global expansion. Bansal’s investment vehicle, Three State Ventures, is funded by his own money. According to the documents, it invested the funds in several tranches during the previous few months. February saw the most recent inflow of funds. Despite its relatively small size, the most recent investment shows the risk the IIT-Delhi alumnus is taking on his new business.
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Bansal formally severed his connection with Flipkart in January by resigning from the company’s board. He has been funding his ventures with money from the Flipkart share sale, which he then uses to invest in new startups.
Bansal did not respond to an email sent to him right away. It’s unclear at this time if Bansal will seek outside funding for his project.
To induct them, OppDoor has been in communication with previous high-ranking Flipkart group officials. It hired multiple people in Bengaluru at the same time for a variety of positions. Currently, the company provides US-based Amazon brands with e-commerce business-related services in international markets.
Over the past year, Bansal, who left it’s operating role in 2018, has made numerous trips to Bengaluru from his base in Singapore.
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Bansal resigned as CEO of the Flipkart Group a few months after Walmart acquired the company in 2018, citing significant personal misconduct charges, according to a statement released by Walmart in November of that year.
Bansal kept his position on the board. His final ownership in the company was sold late last year, bringing in roughly $650 million. Prior to making a complete exit, he had been selling pieces of his Flipkart shareholding to Walmart and other investors. The US retailer Walmart currently owns 80.5% of Flipkart.
About Flipkart
At Flipkart, their mission is to fulfil every Indian’s dream by offering value via technological and commercial innovation. Driven by a sustainable growth strategy, it is maximising for customers, stakeholders, and the planet at large.
With over 350 million customers, over 150 million goods across 80+ categories, a focus on generating direct and indirect employment, and a commitment to empowering generations of entrepreneurs and MSMEs.
