Investor Profile: 3STATE Ventures — Thesis, Cheque Size & How to Apply

Founders wondering how to get funding from 3STATE Ventures are really asking how to get on Binny Bansal’s radar. The Flipkart co-founder’s investment firm operates from Singapore and backs technology and commerce startups, largely with his own capital. Its biggest bets read like a map of where Bansal thinks Indian startups win next: cloud kitchens, AI commerce infrastructure and cross-border e-commerce.

Three State Ventures was incorporated in Singapore in May 2021 — the cross-border commerce company OppDoor began life as Three State Ventures Pte Ltd — and the venture fund continues under the 3STATE name. Bansal fully exited Flipkart in 2023 and has since built a portfolio across commerce, logistics, fintech, healthcare and education, often backing former Flipkart operators building from India for global markets.

Thesis and sweet spot

3STATE Ventures backs founders in commerce and commerce-enabling technology — AI tooling for brands, managed marketplaces, cloud kitchens and travel fintech. The pattern across its deals is operator-led teams, many of them Flipkart alumni, building products in India for customers across the US, Europe, the UK and the Gulf. The firm leads rounds rather than writing small follow-on cheques, and it gravitates to companies with early global traction.

Cheque size and fund

The fund’s size is not publicly disclosed — it is funded largely by Bansal’s personal capital. Deal sizes tell the story instead. 3STATE Ventures put ₹160 crore into IPO-bound cloud kitchen company Curefoods in a pre-IPO round, emerging as its largest institutional shareholder with an 18.9% stake. It led a $20 million round in AI commerce startup ShopOS, and its total backing of cross-border commerce platform OppDoor reached $14.35 million after a $6.4 million top-up. These are lead-investor sized commitments, not spray-and-pray seed tickets.

Notable portfolio

Curefoods is the flagship bet: more than 500 cloud kitchens across 70 cities running brands such as EatFit, Nomad Pizza, Sharief Bhai Biryani, CakeZone and Frozen Bottle, with a draft prospectus filed for an ₹800 crore IPO. ShopOS, founded by Scapic alumni Sai Krishna V K and Ajay P V with Karan Sonawala, is building an AI-native operating system for e-commerce brands. OppDoor helps emerging online brands expand across global marketplaces and operates in eight countries including the US, UK, Germany, Japan and Australia. The firm has also backed travel fintech Scapia.

Partners

The firm is led by founder Binny Bansal, who co-founded Flipkart in 2007 and built it into India’s largest e-commerce company before its acquisition by Walmart. He also co-founded scaling advisory xto10x and serves as its chairman. Investment decisions flow through Bansal himself, which makes the firm fast but highly selective.

Programs, credits and perks

No public accelerator, credits programme or perks bundle is offered by 3STATE Ventures. The value-add is Bansal’s own operating playbook from scaling Flipkart and his network across Indian and global commerce.

How to apply for funding

3STATE Ventures has no public website or application portal that could be verified, and it does not run an open pitch process. Founders typically reach the firm through warm introductions — the portfolio shows a clear preference for teams Bansal or his network already know, particularly Flipkart alumni building in commerce and AI. A concise deck with evidence of early global traction is the best door-opener.