Flipkart co-founder Sachin Bansal has invested Rs 150 crore in cab-hailing company Ola, reports said on Tuesday. The development – which has not been confirmed by Bansal or Ola – comes after his departure from Flipkart in August after United States multinational retailer Walmart acquired 77% stake in the e-commerce platform for nearly $16 billion (Rs 1.07 lakh crore) in August 2018.
Bansal bought 70,588 preference shares in Ola’s parent firm ANI Technologies on January 12, Business Standard reported, citing documents filed with the Registrar of Companies. The documents have been sourced from data intelligence firm PaperVC.
Ola founder Bhavish Aggarwal is embroiled in a tussle with its largest shareholder SoftBank. The cab-hailing firm had recently received $74 million (approximately Rs 524 crore) from its current stakeholder Steadview Capital.
Reports said Bansal is likely to invest more funds in the Indian ride-hailing platform. Bansal’s investment revises Ola’s valuation to $5.7 billion (more than Rs 40,000 crore) . The investment is part of the ongoing Series J round (a type of funding).