Flipkart co-founder Binny Bansal’s new venture, OppDoor, has taken shape. OppDoor will help e-commerce firms expand operations globally by providing them with end-to-end solutions.
Moneycontrol was the first to report about Bansal’s e-commerce ambitions in August where we said the new company will provide design, product, human resource, and other backend support to e-commerce companies that are looking to expand to other regions by leveraging the network of top platforms such as Amazon and others.
The company’s website now confirms the developments around Binny Bansal's latest startup. OppDoor’s website says the company offers “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.”
Strategic timing
A source confirmed that OppDoor is Bansal’s new startup. Moneycontrol has reached out to Binny Bansal for comments and the story will be updated if he responds.
The timing of OppDoor's launch is crucial as it comes five years after Sachin Bansal and Binny Bansal (not related) sold their e-commerce company, Flipkart, to Walmart in 2018. The deal with Walmart came with a five-year non-compete clause which ended in 2023, allowing Binny Bansal to start up again in e-commerce.
Rather than a consumer-facing internet firm like Flipkart, Bansal's aim was to create a startup that deals directly with businesses and helps them scale operations, as reported earlier.
OppDoor will initially focus on e-commerce companies in the United States, Canada, Mexico, the United Kingdom, Germany, Singapore, Japan, and Australia. India has not found a mention on the website yet.
“OppDoor delivers fully managed Amazon services aimed at expanding your private label brands across multiple regions globally,” the company website said. Bansal’s OppDoor calls Amazon “an endless opportunity.” About two-thirds, or 63 percent, of Amazon Sellers who embraced global expansion, witnessed a surge in sales, OppDoor said. “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.
While the website highlights the importance of Amazon for e-commerce companies, OppDoor says it will also work with Walmart, Etsy, and other platforms for marketplace operations, seller management, and the like.
The company is registered in Singapore and was incorporated in May 2021, per filings. OppDoor was earlier called Three State Ventures Pte Ltd.
Three State Ventures is Binny Bansal’s venture capital firm that operates from Singapore. Three State Ventures has backed several startups such as Curefoods, Scapia, and others across sectors in India.
(Edited by : Sangam Singh)
First Published: Jan 2, 2024 2:37 PM IST
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