Flipkart's Sachin Bansal invests Rs. 650 crore in Ola

Flipkart co-founder Sachin Bansal has invested Rs. 650 crore in cab aggregator Ola. The investment is part of a Series J funding and the largest investment made by an individual in Ola to date. 

Ola received Rs. 149.99 crore as the first part of the Rs. 650 crore funding in January 2019, providing Bansal with Rs. 150 crore worth of shares in the ride hailing company, which is valued at around US$6.5 billion. In 2018, Sachin Bansal had announced his exit from Flipkart after Walmart secured 77% stake in the e-commerce company. 

Ola was founded by Bhavish Aggarwal and Ankit Bhati to take on US-based ride-hailing company Uber in India. Last year, the company secured funding of US$1.1 billion from China-based Tencent Holdings and the Softbank Group. Ola currently operates in more than 100 cities. It has also expanded its business into the United Kingdom and Australia.

Source: Money Control