Flipkart co-founder Binny Bansal opens new venture called ‘OppDoor’ | All you need to know
The company was previously called Three State Ventures Pte Ltd and functioned as a venture capital firm.
Flipkart co-founder Binny Bansal, who exited the company following its 2018 acquisition by Walmart, has launched a new startup, naming it ‘OppDoor,’ Moneycontrol has reported.
What is OppDoor?
OppDoor is registered in Singapore and was incorporated in May 2021, operating as a venture capital firm; the company was previously called ‘Three State Ventures Pte Ltd.’ It has also backed several startups (such as Curefood, Scapia) across India.
What will OppDoor do?
OppDoor's aim is to ‘help e-commerce firms expand operations globally by providing them end-to-end solutions.’
Here is what its website says: “We offer a comprehensive suite of services that span a brand's complete lifecycle, from birth to exit. Hence, we provide both fully managed operations and business advisory services.”
Where will OppDoor provide services?
Initially, it will provide services in Australia, Canada, Germany, Japan, Mexico, Singapore, the UK and US. India, however, does not find a mention on the website.
OppDoor will work with…
While the OppDoor portal stresses on the importance of Amazon for e-commerce companies, the startup says it will also work with Etsy, Walmart, and other platforms for marketplace operations, seller management, etc.
Binny Bansal's ‘non-compete’ clause
According to the report, Binny Bansal's exit from Flipkart included a five-year ‘non-compete’ clause, which ended last year, allowing him to ‘start up again’ in the e-commerce sector.
