The Hush Post| 17:48 pm |three-minute-read
Flipkart co-founder Sachin Bansal who recently quit Flipkart has pumped in Rs. 650 crore in ride-hailing platform Ola.
The investment from Bansal comes in at a time when Ola is locked in a stiff battle for market leadership with US-based rival Uber and other markets such as Australia, New Zealand and the UK.
Bansal quit the e-commerce major last year, after US-based Walmart acquired a majority stake in Bengaluru-headquartered Flipkart in a $16-billion deal.
Bansal’s $21million investment will fetch him 70,588 series J preferred shares at a price of ₹21,250 per share. The investment is said to be a part of Ola’s series J funding round. Ola could be raising $2 billion in the round. Ola’s current investors include the likes of Tencent, Softbank, Hong Kong-based Sailing Capital among others. It is also reportedly looking at raising money from Singapore-based Temasek.
However, with this investment, the valuation of the company stays the same at $5.7 billion. Bansal is reportedly putting in his own money, and not from the new $1 billion VC fund he is said to be raising. It will give Ola a financial heft in fighting its arch-rival Uber.