Business

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

NEWS WORLD INDIA | 0
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| February 19 , 2019 , 17:42 IST

Flipkart Co-founder Sachin Bansal invested in India's biggest ride-hailing company Ola to compete the rival Uber by investing Rs 625 crore on Tuesday.

Certainly, this is the largest investment done by any individual in Ola till date and it will be a part of Ola ongoing series J funding round mentioned in the statement.

Bhavish Aggarwal, Co-founder, and CEO, Ola said, “We are extremely thrilled to have Sachin onboard 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.”

Cofounded by Bhavish Aggarwal and Ankit Bhati in 2011, Ola is currently looking to raise capital from sources other than Soft Bank, its largest institutional stakeholder, to prevent the Japanese conglomerate from taking over the ride-hailing company.

Earlier in January, a Ministry of Corporate Affairs filing showed that Bansal had made an investment of $21 Million in the company, Whereas, According to two people aware of the development, Bansal may invest more in Ola in subsequent rounds.

“I have known Bhavish as an entrepreneur and as a friend over these years and I have great respect for what he and the team at Ola have built in just 8 years. I am personally thrilled to be part of the Ola journey and I look forward to contributing to their success," said Bansal in a statement.

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