Flipkart’s co-founder Sachin Bansal has invested Rs 650 crore in the cab-aggregator, Ola. The investment is in Bansal’s personal capacity as an investor.
According to official reports on Sunday, the investment is part of Ola’s larger Series J funding round.
Ride-hailing firm Ola is one of India’s most promising consumer businesses. In October last year, the Bengaluru-based company had announced raising USD 1.1 billion funding from China’s Tencent Holdings and SoftBank Group.
“Ola has emerged as a global force in the mobility space. On the other, they continue to build deeper for various needs of a billion Indians through their platform. Ola has become a trusted household name today,” said Bansal.
It has created a deep impact and lasting value for the ecosystem, he added.
Ola founder Bhavish Aggarwal took to Twitter to welcome Bansal.
In recent years, Ola has been aggressively competing with the global rival Uber in India.
Nevertheless, the company has also expanded to overseas markets. In India, Ola operates across over 100 cities. In Australia, it has set-up operations in seven cities.
Last year, Ola launched its operations in the United Kingdom.