Ola receives Rs 150-crore investment from Flipkart co-founder Sachin Bansal
By MYBRANDBOOK
According to documents filed with Registrar of Companies (RoC), Flipkart co-founder Sachin Bansal has invested Rs 150 crore (around $21 million) in ride-hailing company Ola. This is learnt to be the first portion of around Rs 650 crore investments in the company by Bansal.
Bansal had to step down from Flipkart when Walmart acquired the Bengaluru-based e-commerce major last year.
The deal brings the two start-up stalwarts - Bansal and Ola co-founder and chief executive officer Bhavish Aggarwal together in the backdrop of growing foreign control in this space.
This is Bansal’s first major move after leaving Flipkart. It is not immediately clear whether Bansal’s role in the company will be confined to an investor or if he would be offered a board seat in lieu of his investment. However, he’s expected to work closely with Aggarwal and other company brass.
In October 2017, when Ola had raised $1.1 billion in a round that was led by Tencent and in which SoftBank participated, the company had said it was in talks with more investors to close a total of $2 billion as a part of that round. Since then, the company has announced raising funds in smaller tranches, the last one being the investment by Steadview.
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