Flipkart co-founder Sachin Bansal has invested Rs. 150 crore in India’s largest cab sailing service OLA owned by ANI technologies Ltd, reports confirmed.
The announcement comes a week after Ola acquired $74 million from existing investor Steadview Capital.
This is Bansal’s first investment following his ouster from Flipkart after the Walmart deal. The $16 billion Walmart-Flipkart deal is reportedly the world’s largest e-commerce deal ever. With this deal, US e-commerce giant Walmart has become the largest stakeholders of Flipkart, one of the fastest growing e-markets of India.
This is probably Bansal’s biggest bets, as compared to his other investments in Indian companies.
According to reports, Bansal is looking forward to invest further capital in Ola. He has been issued 70,588 series J preference shares at a price of ?21,250 per share, according to documents filed with the Registrar of Companies (RoC)?sourced from data intelligence platform Paper.vc.
“In October 2017, Ola had raised $1.1 billion in fresh capital at a valuation of $3.5-4 billion from China’s Tencent Holdings Ltd and existing investor SoftBank Group Corp. and had said that it was in talks to raise an additional $1 billion,” the Mint reported.
Ola operates across 100 cities in the nation. The company, which recently expanded its business with food and bike rides, announced partnership with scooter Vogo. Earlier, the company had tied up with FoodPanda, which comes in neck to neck competition with Zomato and Swiggy, for food delivery. The company is also learnt to be mulling to enter the e-pharmacy space and is currently in talks with medicine delivery company Myra.