Binny Bansal

Founder, 3State Ventures & OppDoor; Co-Founder & Executive Chairman, xto10x; Co-Founder, Flipkart at 3state-ventures

Reviewed Updated Jul 29, 2026

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Location Singapore
Check Size $1M-$25M+ (angel to growth-stage lead; 3State Ventures typically writes $2M-$25M checks)
Last Verified Investment OppDoor (Follow-on ($6.4M from 3State Ventures)) — Jan 7, 2026
Social @binnybansal1 LinkedIn
Stage Focus
seed series-a series-b series-c growth
Sector Focus
e-commerce fintech consumer-internet ai retail edtech healthtech insurtech food-tech saas india southeast-asia

Background

Binny Bansal is an Indian software engineer and internet entrepreneur best known as the co-founder of Flipkart, the Bengaluru-based e-commerce company acquired by Walmart for approximately $16 billion in May 2018 1. He was born on December 1, 1982, was educated at St. Anne’s Convent School in Chandigarh, and graduated from IIT Delhi with a degree in computer science and engineering 1. After a brief stint at Sarnoff Corporation and nine months as a software engineer at Amazon (starting January 2007), he co-founded Flipkart later in 2007 with Sachin Bansal (no relation) on an initial investment of approximately $6,000 1.

At Flipkart he served as Chief Operating Officer until January 2016, was promoted to CEO in January 2016, and became Group CEO in January 2017 1. He held roles of chairman and Group CEO after Walmart’s 77% acquisition in May 2018, then resigned from Flipkart in November 2018 following personal-misconduct allegations 1. Bansal completely divested his Flipkart stake by January 2024, and has been reported to have earned approximately $1.5 billion in aggregate proceeds; Forbes and Wikipedia estimated his net worth around $1.4 billion in early 2024 1. He stepped down from the PhonePe board in November 2024 while retaining roughly 1% ownership as the largest individual minority investor 2. Bansal resides in Singapore 1.

Bansal now runs two operating vehicles and one investment firm. xto10x Technologies is a Bengaluru-based platform he co-founded in early 2019 with former Flipkart and Ekart executives Saikiran Krishnamurthy (CEO) and Neeraj Aggarwal (COO) to provide learning programs, SaaS, and consulting to growth-stage startups 34. xto10x raised a $25 million Series A in February 2022, led by Bansal himself alongside 28 founders and senior leaders from India and Southeast Asia (including Razorpay’s Shashank Kumar) 5. OppDoor, incorporated in Singapore in May 2021, is a technology-enabled managed-services platform Bansal founded to help emerging consumer brands expand across US, UK, Europe, Canadian, Japanese, and Australian marketplaces 62. 3State Ventures (also written “Three State Ventures” and “3STATE Ventures”) is the Singapore-based investment firm Bansal founded to deploy capital into early- to growth-stage technology companies, with a stated focus on digital commerce and AI-native platforms 78.

Before setting up 3State Ventures, Bansal anchored 021 Capital, a Bengaluru VC firm launched in 2017 by his personal investment adviser Sailesh Tulshan; 021 raised $32 million in January 2019 with Bansal as anchor and additional LPs including the Azim Premji Foundation 9. In September 2019, Bansal was also reported to be assembling a $300-400 million growth-stage VC fund for India and Southeast Asia, in which he would serve as general partner and anchor investor with a personal commitment of 10-20% of the fund 10; that vehicle has since taken shape as 3State Ventures rather than a syndicated third-party fund.

Stated Thesis

Bansal has not published a written thesis but has consistently described his post-Flipkart mission as helping large numbers of Indian founders scale. Announcing xto10x in February 2019 he told TechCrunch: “Person to person, I can help 10 startups, but the ambition is to help 10,000 early and mid-stage entrepreneurs, not 10” 3. He added: “Today, software is built for large enterprises and not small startups,” and “Instead of making a thousand mistakes, if we can help other startups make a hundred or even a few hundred, that would be worth it” 3.

On 3State Ventures’ investment focus, Bansal — in his only publicly quoted commentary on a portfolio investment — framed the firm around Indian fintech and consumer platforms. On the November 2023 Scapia Series A he stated: “The rise of fintech in India has been nothing short of revolutionary, democratizing access to financial services and empowering millions,” adding that “among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians” 11. On the July 2025 SuperK Series B he stated: “SuperK is well-positioned to reimagine retail in deeper Bharat by empowering entrepreneurs from these towns to easily own and operate supermarkets” 12.

Inferred Thesis

This analysis is based on 11 verified investments across seven years, where Bansal’s participation is confirmed by a primary or contemporaneous press source: SigTuple Series C (April 2019), Increff Series A (April 2019), Rupeek (February 2020), Zoko seed (March 2021), Scapia Series A (November 2023), Curefoods Series D (March 2024), Curefoods debt round (September 2024), Posha Series A (May 2025), ShopOS (June 2025), SuperK Series B (July 2025), and OppDoor follow-on (January 2026) 131415161117181920126. Tracxn lists 76 portfolio companies and 3State Ventures separately shows 9 core investments; PitchBook, CB Insights and Wikipedia collectively describe him as having backed roughly 47-76 companies across 64+ rounds 2171. Percentages below are directional given the deliberately small verified sample.

Stage distribution (11 verified investments): Series A and later dominate — Series A/B/C/D account for 9 of 11 (SigTuple C, Increff A, Rupeek, Scapia A, Curefoods D, Posha A, ShopOS, SuperK B, OppDoor follow-on). Only Zoko is unambiguously seed-stage. This is a growth-stage checkbook, not a seed portfolio in the classic sense — a marked contrast to most founder-turned-angels in India. Wikipedia and aggregator profiles noting 28 seed-stage transactions overall reflect small pre-2020 tickets that do not appear in press-verifiable form; the deals large enough to make press are almost all Series A or later 121.

Sector distribution (11 verified investments): Consumer commerce and commerce-enablement platforms dominate — ShopOS (AI commerce OS), OppDoor (cross-border e-commerce enablement), SuperK (small-town retail), Curefoods (cloud kitchens) and Scapia (travel-linked credit card) together make 5 of 11 (~45%). Fintech accounts for 2 of 11 (Scapia, Rupeek — the latter a gold-loan lender). Healthtech/AI (SigTuple), supply-chain SaaS (Increff), consumer hardware/robotics (Posha), edtech/study-abroad (LeverageEdu, cited separately below), and B2B messaging (Zoko) round out the mix. The consistent through-line is commerce infrastructure and consumer platforms serving India (or Indian founders building for the developed world) — a natural extension of Bansal’s Flipkart operating background.

Geographic focus: Predominantly India-founded and India-operating, with a growing thread of India-founded companies serving developed markets. Curefoods, SuperK, Rupeek, LeverageEdu, ShopOS, Increff, SigTuple and Scapia are all India-headquartered 1712152220131411. OppDoor is Singapore-incorporated but Indian-founder-led and targets US/UK/EU/Canada/Japan/Australia markets 6. Posha (formerly Nymble) is India-founded but sells its cooking robot in the US 19. Bansal himself is based in Singapore 1.

Check size: 3State Ventures typically leads or co-leads with checks between $2 million and $25 million. Verifiable individual writes include ~$20 million (ShopOS lead, June 2025) 20, $25 million (Curefoods Series D tranche, March 2024) 17, ~$9.6 million (Curefoods debt, September 2024) 18, $6.4 million (OppDoor follow-on, January 2026) 6, $3.5 million (LeverageEdu, July 2023) 22, and roughly $2 million cumulative (initial OppDoor investment across 2023-2024) 23. Earlier angel tickets through 021 Capital were smaller — the Increff Series A in April 2019 totaled just $3 million with 021 leading 14.

Co-investor patterns: For 3State Ventures deals in particular, Bansal has repeatedly appeared alongside Blume Ventures (Scapia, SuperK), Elevation Capital (co-lead on Scapia Series A) 11, and existing growth investors following on (Matrix Partners India and Tanglin Venture Partners on Scapia; Blume and Xeed Ventures on SuperK) 1112. On individual angel deals he has co-invested with Accel (Posha, SigTuple), Chiratae Ventures (SigTuple), Pi Ventures (SigTuple), Y Combinator (Zoko), and jeweler Mithun Sacheti (CaratLane) as SuperK Series B co-lead 13191612. Notable single-name co-invest: Indian cricketer Shubman Gill joined the SuperK Series B alongside 3State 12.

Founder profile: Bansal has a distinctive preference for Flipkart/Ekart/Myntra alumni founders. Scapia (Anil Goteti, former Flipkart SVP) 11, Increff (Rajul Jain, Nirmal Jain, Anshuman Agarwal, Romil Jain — former Myntra executives) 14, and OppDoor (his own vehicle, recruiting Flipkart-group executives) are three of eleven verified deals with direct Flipkart-lineage founders 23. This is a rare pattern-match signal for founders in the extended Flipkart mafia.

Notable gaps versus stated positioning: Aggregator sites describe Bansal as an “angel investor” with ~76 portfolio companies, but only a small fraction have primary-source citations; most verified activity is concentrated at Series A or later, and much is executed through 3State Ventures leading or co-leading rather than participating passively in party rounds 7. Bansal is publicly light on written commentary — most portfolio deals are announced without a Bansal quote, which is unusual for a founder-turned-VC and consistent with his stated preference for operating support over public positioning.

Portfolio

The table lists investments where Bansal’s participation (personal, via family office, via 021 Capital, or via 3State Ventures) is confirmed by a primary or contemporaneous press source. Aggregator counts (76 companies at Tracxn) 21 materially exceed this list; the entries below are the ones with press-verifiable citations.

Company Year Stage Source
SigTuple 2019-04-09 Series C ($16M; joined board) 13
Increff 2019-04-17 Series A ($3M; via 021 Capital) 14
Rupeek 2020-02-25 Growth round ($60M with GGV, KB Investments) 15
Zoko 2021-03-31 Seed ($1.4M with Y Combinator; via family office) 16
Acko 2019 (Series C $65M lead); follow-on top-up 2021 (~$20M) Series C lead + follow-on 24
xto10x Technologies 2022-02-09 Series A ($25M — Bansal is co-founder and lead investor) 5
LeverageEdu 2023-07-06 Growth round ($3.5M via 3State Ventures; $40M total round) 22
Scapia 2023-11-21 Series A ($23M co-led by Elevation and 3State Ventures) 11
OppDoor (initial rounds) 2023-2024 Multiple tranches (~$2M cumulative to Feb 2024) 23
Curefoods 2024-03-18 Series D tranche ($25M via 3State Ventures; buyout of Cultfit’s stake) 17
Curefoods 2024-09 Debt round (Rs 80 Cr / ~$9.6M with Jitender Kumar Bansal) 18
Posha (formerly Nymble) 2025-05-07 Series A ($8M led by Accel; Bansal participated) 19
ShopOS 2025-06-26 $20M led by 3State Ventures 20
SuperK 2025-07-24 Series B (Rs 100 Cr / ~$11.6M co-led by 3State Ventures and Mithun Sacheti; Shubman Gill participated) 12
OppDoor 2026-01-07 Follow-on ($6.4M from 3State Ventures; brings 3State’s cumulative OppDoor investment to $14.35M) 6
Ather Energy ~2016-2017 Early participation as part of $1M round with Sachin Bansal; retained ~1% at exit 25
PhonePe 2016 (Flipkart acquisition) — 2024 (board exit) ~1% ownership; largest individual minority investor 2

Additional companies where Bansal has been named as an investor by press sources but for which primary funding-round citations were not confirmed in this research pass include Unacademy, Ather Energy (multiple rounds), Cult.fit, Slice, BharatAgri (via 021 Capital), House of Masaba, SpotDraft (via 021 Capital), BharatPe, Niramai, Stellapps, Virgio, BrightCHAMPS, Flash, HireQuotient, and Glints 11026. These should not be treated as verified for thesis purposes without independent round-level citations.

In Their Own Words

On his post-Flipkart mission (February 2019, TechCrunch):

“Person to person, I can help 10 startups, but the ambition is to help 10,000 early and mid-stage entrepreneurs, not 10.” 3

“Today, software is built for large enterprises and not small startups.” 3

“Instead of making a thousand mistakes, if we can help other startups make a hundred or even a few hundred, that would be worth it.” 3

On Indian fintech, at the November 2023 Scapia Series A announcement:

“The rise of fintech in India has been nothing short of revolutionary, democratizing access to financial services and empowering millions.” 11

“Among such innovations, Scapia stands out with its differentiated solutions tailored for travel, addressing a vital need for aspiring Indians.” 11

“We are excited by Scapia’s progress in a short time and happy to continue our commitment to the company.” 11

On small-town Indian retail, at the July 2025 SuperK Series B announcement:

“SuperK is well-positioned to reimagine retail in deeper Bharat by empowering entrepreneurs from these towns to easily own and operate supermarkets.” 12

What Founders Say

No independently sourced founder testimonials found. The closest publicly available reference is a farewell statement from PhonePe co-founder and CEO Sameer Nigam on Bansal’s November 2024 departure from the PhonePe board — but this is a board-exit statement from a company where Bansal was both an early investor and long-serving director, not an independent founder testimonial about working with him as an outside investor. For completeness:

“I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!” — Sameer Nigam, PhonePe co-founder and CEO, November 22, 2024 2

Sources

  1. Wikipedia, “Binny Bansal,” accessed July 2026. https://en.wikipedia.org/wiki/Binny_Bansal↩↩↩↩↩↩↩↩↩↩↩

  2. Manish Singh, “Flipkart co-founder Binny Bansal leaves PhonePe board,” TechCrunch, November 22, 2024, accessed July 2026. https://techcrunch.com/2024/11/22/flipkart-co-founder-binny-bansal-leaves-phonepe-board↩↩↩↩

  3. Manish Singh, “Ousted Flipkart founder Binny Bansal aims to help 10,000 Indian founders with new venture,” TechCrunch, February 5, 2019, accessed July 2026. https://techcrunch.com/2019/02/05/binny-bansal-xto10x-technologies-10000-founders/↩↩↩↩↩↩

  4. xto10x Technologies, “About Us,” accessed July 2026. https://www.xto10x.com/about↩

  5. Inc42, “Binny Bansal’s xto10x Raises $25 Mn From Bansal Himself And 28 Others,” February 9, 2022, accessed July 2026. https://inc42.com/buzz/binny-bansals-xto10x-raises-25-mn-from-bansal-and-28-others/↩↩

  6. Entrackr, “Exclusive: Binny Bansal’s Oppdoor raises additional $6.4 Mn from 3State Ventures,” January 7, 2026, accessed July 2026. https://entrackr.com/exclusive/exclusive-binny-bansals-oppdoor-raises-additional-64-mn-from-3state-ventures-10978194↩↩↩↩↩

  7. Tracxn, “3 State Ventures — 2026 Company Profile,” accessed July 2026. https://tracxn.com/d/companies/3-state-ventures/__2tvvIjWIDOcubvkE-XWv3GWQ9b2dIoil-a_9YXZvVb8↩↩↩

  8. Dealroom, “3State Ventures investor portfolio, rounds & team,” accessed July 2026. https://app.dealroom.co/investors/3state_ventures↩

  9. YourStory, “Binny Bansal backed venture capital fund raises $32 million,” January 2019, accessed July 2026. https://yourstory.com/2019/01/binny-bansal-venture-capital-fund↩

  10. Inc42, “Binny Bansal Reserves $400 Mn Venture Capital Fund For SouthEast Asian Startups,” September 2019, accessed July 2026. https://inc42.com/buzz/binny-bansal-keeps-400-mn-venture-capital-fund-for-southeast-asian-startups/↩↩

  11. TNGlobal (Technode Global), “India’s Scapia raises $23M in Series A round led by Elevation Capital and 3STATE Ventures,” November 22, 2023, accessed July 2026. https://technode.global/2023/11/22/indias-scapia-raises-23m-in-series-a-round-led-by-elevation-capital-and-3state-ventures/↩↩↩↩↩↩↩↩↩↩

  12. IndianWeb2, “SuperK Raises Rs 100 Crore in Series B Led by Binny Bansal’s 3STATE Ventures; Shubman Gill Joins Investor Lineup,” July 24, 2025, accessed July 2026. https://www.indianweb2.com/2025/07/superk-raises-100-crore-in-series-b-led.html↩↩↩↩↩↩↩↩

  13. Entrackr, “SigTuple bags $16 Mn Series C round; Binny Bansal joins board,” April 9, 2019, accessed July 2026. https://entrackr.com/2019/04/sigtuple-16-mn-fund-binny-bansal/↩↩↩↩

  14. Entrackr, “Binny Bansal, 021 Capital lead $3 Mn round in Sequoia-backed Increff,” April 17, 2019, accessed July 2026. https://entrackr.com/2019/04/increff-binny-bansal-funding/↩↩↩↩↩

  15. Business Standard, “Rupeek raises $60mn from Binny Bansal, GGV Capital and others,” February 25, 2020, accessed July 2026. https://www.business-standard.com/amp/article/pti-stories/rupeek-raises-60mn-from-binny-bansal-ggv-capital-and-others-120022501219_1.html↩↩↩

  16. Business Standard, “Zoko raises $1.4 mn from Y Combinator, Binny Bansal’s family office, others,” March 31, 2021, accessed July 2026. https://www.business-standard.com/article/companies/zoko-raises-1-4-mn-from-y-combinator-binny-bansal-s-family-office-others-121033100405_1.html↩↩↩

  17. Entrackr, “Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods,” March 18, 2024, accessed July 2026. https://entrackr.com/2024/03/binny-bansals-three-state-ventures-invests-25-mn-in-curefoods/↩↩↩↩

  18. Entrackr, “Exclusive: Curefoods receives nearly $10 Mn from Binny and Jitender Kumar Bansal,” September 27, 2024, accessed July 2026. https://entrackr.com/2024/09/exclusive-curefoods-receives-nearly-10-mn-from-binny-and-jitender-kumar-bansal/↩↩↩

  19. Entrackr, “Posha secures $8 Mn in Series A round led by Accel,” May 7, 2025, accessed July 2026. https://entrackr.com/snippets/posha-secures-8-mn-in-series-a-round-led-by-accel-9044948↩↩↩↩

  20. Entrackr, “Binny Bansal invests $20 Mn in e-comm OS startup ShopOS,” June 26, 2025, accessed July 2026. https://entrackr.com/news/binny-bansal-invests-20-mn-in-e-comm-os-startup-shopos-9429597↩↩↩↩

  21. Tracxn, “Binny Bansal — 2026 Portfolio & Founded Companies,” accessed July 2026. https://tracxn.com/d/people/binny-bansal/__CNNSPzl_8R5yoBSZ9ujGxqRhsolUFPCpKXJ_-v7vveE↩↩↩

  22. Business Standard, “Flipkart co-founder Binny Bansal invests $3.5 million in LeverageEdu,” July 6, 2023, accessed July 2026. https://www.business-standard.com/companies/news/flipkart-co-founder-binny-bansal-invests-3-5-million-in-leverageedu-123070600795_1.html↩↩↩

  23. Inc42, “Binny Bansal’s Three State Ventures Backs His New Startup OppDoor,” February 2024, accessed July 2026. https://inc42.com/buzz/binny-bansals-three-state-ventures-backs-his-new-bet-oppdoor/↩↩↩

  24. Inc42, “Acko Bags $16 Mn From Ascent As Binny Bansal Prepares $20 Mn Top-Up,” 2021, accessed July 2026. https://inc42.com/buzz/acko-bags-16-mn-from-ascent-as-binny-bansal-prepares-20-mn-top-up/↩

  25. Silicon India, “Flipkart Founders Sachin & Binny Bansal Invest $1 Mn In Electric Vehicle Start-Up Ather,” accessed July 2026. https://www.siliconindia.com/news/startups/flipkart-founders-sachin–binny-bansal-invest-1-mn-in-electric-vehicle-startup-ather-nid-176026-cid-19.html↩

  26. Entrackr, “Unravelling Binny Bansal’s xto10x and how it helps growth-stage startups,” August 7, 2020, accessed July 2026. https://entrackr.com/2020/08/unravelling-binny-bansals-xto10x-and-how-it-helps-growth-stage-startups/↩