Bansal, who exited Flipkart fully last year by selling his remaining stake to Walmart, has onboarded former Flipkart executives for the venture, people aware of the matter said.
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The website of Bansal’s OppDoor says it is a ‘managed services platform for global expansion’. It will help ecommerce brands by offering them end-to-end services on global markets, customer behaviour, taxation and compliance, partnerships and third-party vendors, it added.
OppDoor is currently housed under a Singapore-registered entity, which was earlier named Three State Ventures. Bansal’s venture fund is called Three State Ventures.
When contacted, Bansal didn’t immediately respond to ET’s request for a comment.
Bansal cofounded Flipkart with fellow IIT-Delhi graduate Sachin Bansal (the two are not related) in 2007 in Bengaluru. A few months after Walmart’s acquisition of Flipkart, Binny Bansal had to step down from his role as Flipkart group chief executive following a probe into serious personal misconduct, according to a statement issued by Walmart on November 13, 2018. He was, however, exonerated of the charges. Bansal continued to hold his board position at the etailer.
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Since then, he has been based in Singapore but is an active investor in local startups. Curefoods, PhonePe and Acko are among his prominent bets. He is also one of the biggest investors in the early-stage fund O21 Capital as well as xto10x–which offers consulting services to various startups.ET reported in July last year that Bansal would have earned about $650 million through his stake sale to Walmart. When Flipkart raised $3.6 billion in 2021, Bansal had sold a part of his stake for $200-250 million to Chinese internet behemoth Tencent.
Sachin Bansal divested his entire 5% holding in Flipkart to Walmart for about $1 billion in 2018 — at the time of its acquisition by the retail giant.