Flipkart’s Co-Founder Binny Bansal Launches New Startup: Highlights
Binny Bansal, co-founder of Flipkart, has unveiled his new venture, ‘OppDoor,’ with a focus on providing comprehensive end-to-end solutions for e-commerce companies aiming to expand operations globally. This follows Moneycontrol’s initial report in August, indicating Bansal’s e-commerce ambitions.
Services Offered: OppDoor’s website confirms the startup’s direction, offering “a comprehensive suite of services.” It spans a brand’s entire lifecycle, providing fully managed operations and business advisory services. The strategic aim is to engage directly with businesses rather than a consumer-facing approach, differentiating it from Flipkart.
Strategic Timing: The launch of OppDoor is significant, coming five years after the sale of Flipkart to Walmart in 2018. The deal included a five-year non-compete clause, which concluded in 2023, enabling Binny Bansal to venture into e-commerce once again. His focus this time is on facilitating business-to-business interactions, aiding companies in scaling their operations.
Global Expansion Targets: Initially, OppDoor plans to concentrate on e-commerce enterprises in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia. The absence of India from the initial focus suggests a phased approach to global expansion.
Amazon-Centric Approach: OppDoor’s services are intricately linked with Amazon, acknowledging it as “an endless opportunity.” The startup aims to deliver fully managed Amazon services for expanding private label brands globally. It emphasizes the potential for increased sales and exit multiples for brands expanding across multiple Amazon regions.
Beyond Amazon: While Amazon holds a central position, OppDoor expresses its intention to collaborate with other platforms such as Walmart, Etsy, and more for various aspects like marketplace operations and seller management.
Corporate Structure and History: OppDoor, registered in Singapore, was founded in May 2021 under the name ‘Three State Ventures Pte Ltd.’ Three State Ventures is also Binny Bansal’s venture capital firm operating from Singapore, having supported startups like Curefoods and Scapia in India.
Strategic Insights: Financial experts have observed the strategic timing of OppDoor’s launch, post the non-compete clause expiration, allowing Binny Bansal to make a return to the e-commerce sector. The global context, including declining dollar and US bond yields, is seen as favorable for equity markets.
Binny Bansal’s Past Ventures: Last year, Binny Bansal sold his remaining stake in Flipkart, garnering approximately $1-$1.5 billion. Since the sale of Flipkart to Walmart in 2018, Binny Bansal has been actively involved in backing around 60 startups, including Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, and Yulu, among others.
Summary: Provides comprehensive solutions to private label brands aiming for global expansion. Operating from Singapore, the startup focuses on market entry analysis, demand mapping, inventory management, cross-border logistics, and tax services. OppDoor positions itself as a partner to leading private label brands, offering support to unlock merchantry potential and facilitate global expansion. The startup is currently operational in key markets, including the US, the UK, Canada, Mexico, Germany, Singapore, Japan, and Australia.
