03/01/2023 (Singapore) - Binny Bansal, the co-founder of Flipkart, ventured into a new e-commerce start-up called OppDoor, which operates as a business-to-business (B2B) platform. This software services platform was designed to assist emerging e-commerce brands in their global expansion efforts.
OppDoor positioned itself as a "managed services platform for global expansion," offering a wide range of services to e-commerce brands. These services included insights into global markets, customer behavior, taxation and compliance, partnerships, and third-party vendors, all aimed at facilitating the expansion process.
According to OppDoor's website, it provided fully managed Amazon services specifically tailored to expand private label brands across multiple global regions. In its description of Amazon, OppDoor referred to it as "an endless opportunity." The platform highlighted the success of Amazon Sellers who embraced global expansion, with 63% of them experiencing significant sales growth. Brands that operated in multiple Amazon regions achieved exit multiples that were three times higher than those operating in only one or two regions.
OppDoor collaborated with leading private-label brands, offering a comprehensive range of services, from optimizing advertising strategies to enhancing product catalogs. The start-up aimed to equip these brands with ongoing competitive intelligence and support.
This start-up was registered under a Singaporean entity, previously known as Three State Ventures but later rebranded as OppDoor. Binny Bansal's venture fund, Three State Ventures, was associated with this initiative, along with his prominent start-up investments, which included Curefoods, PhonePe, and Acko.
Binny Bansal, alongside another IIT-Delhi graduate, Sachin Bansal (unrelated), co-founded Flipkart in 2007. In 2018, Sachin Bansal divested his entire 5% stake in Flipkart to Walmart for approximately $1 billion during Walmart's acquisition of the company.