Profit

Flipkart Co-Founder Sachin Bansal Invests Rs 650 Crore In Ola

Sachin Bansal left Flipkart last year after US retail giant Walmart picked up a 77 per cent stake in the Indian e-retailer for $16 billion.

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Flipkart Co-Founder Sachin Bansal Invests Rs 650 Crore In Ola

Sachin Bansal (Left) with Ola co-founder Bhavish Aggarwal.


Highlights

  1. Investment by Sachin Bansal is part of Ola's larger Series J funding
  2. In October 2017 Ola had raised $1.1 billion funding from Tencent Holdings
  3. Sachin Bansal left Flipkart after Walmart picked up a stake in e-retailer

Ride hailing application backed by SoftBank Group and Tencent Holdings - Ola confirmed an investment of Rs 650 crore by Flipkart co-founder Sachin Bansal, said the Bengaluru-based firm in a statement on Tuesday. The investment from Mr Bansal comes as Ola is locked in a battle for market leadership with US-based rival Uber in India and other markets such as Australia, New Zealand and the UK.

This investment by Sachin Bansal is part of Ola's larger Series J funding round and is in Sachin's personal capacity as an investor, the statement added.

"Ola is one of India's most promising consumer businesses, that is creating deep impact and lasting value for the ecosystem. On one hand, they have emerged as a global force in the mobility space and on the other, they continue to build deeper for various needs of a billion Indians through their platform, becoming a trusted household name today," Sachin Bansal said.

"We are extremely thrilled to have Sachin on-board Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India's most respected businesses ground up, is unparalleled. His investment is a huge encouragement for all of us at Ola and our mission to serve a billion people," Bhavish Aggarwal, Ola's co-founder and CEO said.

Sachin Bansal left Flipkart last year after US retail giant Walmart picked up a 77 per cent stake in the e-retailer for $16 billion.

In October 2017, Ola had announced raising $1.1 billion funding from China's Tencent Holdings and SoftBank Group.



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