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Last Updated : Feb 19, 2019 06:00 PM IST | Source: Moneycontrol.com

Sachin Bansal invests $92 million in Ola

This investment is part of Ola’s larger Series J funding round and is in Bansal’s personal capacity as an investor.

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Flipkart's founder Sachin Bansal has invested Rs 650 crore ($92 million) in ride hailing firm Ola, the company said on Tuesday. This investment is part of Ola’s larger Series J funding round and is in Bansal’s personal capacity as an investor.

"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," said Bansal.

Ola founder Bhavish Aggarwal took to Twitter to welcome Bansal.

Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola integrates city transportation for customers and drivers onto a mobile technology platform.

On January 21, Moneycontrol had reported that Ola had received $21 million from Bansal and more money was in the offing.

This is likely to be one of the biggest bets of Bansal, who has invested in dozen other Indian companies so far.

The development comes at a time when Ola is aggressively competing with the global rival Uber in India.  At the same time, the company has also expanded to overseas markets.

Six months after foraying into Australia, Ola launched its operations in the United Kingdom in September 2018.

In India, Ola operates across over 100 cities. In Australia, it has set-up operations in seven cities. It claims to have registered 40,000 drivers on its app in Australia.

Ola last announced a fund-raise of $1.1 billion from China’s Tencent Holdings and existing investor SoftBank Group in October last year and said it was in talks to raise another $1 billion.
First Published on Feb 19, 2019 03:25 pm
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