Last Updated : Oct 11, 2018 02:10 PM IST | Source:

Sachin Bansal may steer Ola with Rs 740 crore kitty: Report

The funding boost will help Ola step up its ante against its rival Uber, which has stepped up expansion in international markets.

Moneycontrol News @moneycontrolcom

Flipkart co-founder Sachin Bansal is planning to invest up to or Rs 740 crore in Ola, as per a report in The Economic Times.

The investment will largely be through subscription of new shares of Ola, with a small component coming through a secondary sale by existing investors, the report said.

Read — After Flipkart exit, Sachin Bansal plans up to $1 billion VC fund

Moneycontrol could not verify the report independently.

The funding boost will help Ola step up its ante against its rival Uber, which has stepped up expansion in international markets.

Bansal's entry as a small but a significant shareholder in Ola means that the firm's co-founder Bhavish Aggarwal would find another ally in a battle for control against the largest shareholder in the company, Japan's SoftBank, the report said. On different occasions, they both have voiced concerns over how domestic Internet startups did not have a level-playing field with deep-pocketed global giants such as Amazon and Uber.

SLIDESHOW — Sachin Bansal & others who exited big companies to live their billion dollar dream

According to the report, Bansal shares an interest in artificial intelligence startups, and he has held talks with at least two Bengaluru-based early-stage companies.

"He wants to take large stakes in a few early-stage companies where he can play a more active role from the start," another person who has interacted with Bansal told the paper.

First Published on Oct 11, 2018 10:11 am
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