In his argument, Bansal had also stated that since he has lived in Singapore, and not India, he is not liable to pay capital taxes on the income he earned by selling his shares in Flipkart.
Curefoods has allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures Pte. Ltd, Bansal’s investment arm.
The startup plans to use the funds to scale presence beyond 300 towns and deepen its reach in groceries and essentials
The Flipkart co-founder is betting on a new AI-native OS for brands, built by his former team at Scapic and Flipkart Labs
Moneycontrol was the first to write about Bansal’s plan, in August 2023. Opptra has already hired top executives from Amazon, Swiggy, Flipkart and others companies
The board changes reflect PhonePe’s aspiration to go for an IPO over the next couple of years.
The US was the default before the market opened up for tech IPOs (in India) but now it's clear that India is a great destination for tech IPOs, Bansal said.
“I give a lot of credit to the people who are making it work. There was Amazon, Flipkart and other big companies, all of them were trying to do this (but) the people who figured it out are new founders," said Bansal.
The entry comes at a time when venture funds are sitting on at least $12 billion in capital waiting to be deployed in India, the world’s third-largest startup ecosystem
The firm will likely use the funds for offline expansion of its brands Nomad Pizza and Sharief Bhai Biryani.
Binny Bansal’s decision to step down from Flipkart's board comes months after he sold his remaining stake in the firm and at a time when he is starting up again, in the e-commerce space with OppDoor.
Binny Bansal Resigns: Bansal has exited the board of Walmart-owned Flipkart, months after selling his remaining stake. He is also building a new e-commerce venture called OppDoor
The company is registered in Singapore and was incorporated in May 2021, per filings. OppDoor was earlier called Three State Ventures Pte Ltd, which is Binny Bansal’s venture capital firm that operates from Singapore.
Flipkart will use the money to expand its operations, strengthen its supply chain and bolster its tech capabilities.
The company will use the funds to add more financial services to the platform, including personal loans and insurance, and also hire more talent in product and tech development areas
Binny Bansal is not seeking external capital and will bootstrap the venture with his own wealth
After Sachin Bansal's exit, Binny Bansal had continued to hold a small portion of his stake in Flipkart after the acquisition.
Walmart has bought out Flipkart early investors Accel, Tiger Global and co-founder Binny Bansal has also fully divested his stake in Flipkart which is valued at around $35 billion.