According to recent regulatory filings in Singapore, Binny Bansal, the founder of Flipkart, has injected nearly $2 million into his latest venture, OppDoor, through the venture fund Three State Ventures.
OppDoor is a software services platform with the goal of assisting up-and-coming online retail brands in their global expansion efforts.
The investment entity Three State Ventures, which is backed by Bansal’s personal capital, has deployed the funds through several installments over recent months, as indicated by the filings. The most recent injection of capital occurred in February.
While the most recent investment might be comparatively modest in scale, it underscores the confidence that the IIT-Delhi alumnus is placing in his new venture.
Continue Exploring: Flipkart revives same-day delivery service across 20 cities, taking on Amazon’s Prime model
In January, Bansal resigned from Flipkart’s board, formally ending his ties with the company. He has since been using capital from the Flipkart share sale to fund his ventures, which in turn invest in other startups.
An email sent to Bansal failed to prompt an immediate response. It remains uncertain whether Bansal intends to seek capital from external investors for his venture.
OppDoor has engaged in discussions with former senior executives from the Flipkart group to bring them on board. Additionally, the company has made multiple hires in Bengaluru across various roles. Presently, OppDoor is providing ecommerce business services to Amazon‘s US brands in international markets.
Following his departure from the operational role at Flipkart in 2018, Bansal relocated to Singapore. However, he has been a regular visitor to Bengaluru over the past year.
Several months subsequent to Walmart‘s acquisition of Flipkart in 2018, Bansal resigned from his position as Flipkart Group chief executive. This decision came in the wake of allegations of significant personal misconduct, as stated by Walmart in November of that year. However, following an internal investigation conducted by the etailer, Bansal was cleared of the accusations.
Bansal retained his position on the board. Towards the end of last year, he divested his remaining stake in the company, yielding approximately $650 million. Prior to his complete exit, he had been gradually selling portions of his stake to Walmart and other investors in Flipkart. Presently, the US-based retailer Walmart holds an 80.5% stake in Flipkart.
Curefoods, PhonePe, and Acko stand out as prominent startup investments made by Bansal, with substantial funding allocated over the years.
Continue Exploring: Flipkart Co-Founder Binny Bansal may invest $25-30 million more in Ankit Nagori’s Curefoods
