This investment is part of Ola’s larger Series J funding round and is in Bansal’s personal capacity as an investor.
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.
I'm super excited to welcome @_sachinbansal onboard as an investor in @Olacabs. Sachin is an icon and an inspiration to a whole generation of entrepreneurs. I look forward to learning from him as we build one of the most impactful businesses out of India! https://t.co/cApT2HsMcc pic.twitter.com/SGIaJrXirA
— Bhavish Aggarwal (@bhash) February 19, 2019
Thrilled to be part of this journey with @bhash and the @Olacabs team. Ola is a household name today and is a global force in the mobility ecosystem. Their success is important for all of us and I’m excited about the vision they are building towards. https://t.co/xhxKL2i72L— Sachin Bansal (@_sachinbansal) February 19, 2019
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.