IANS | 02 Jan, 2024
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.
