Bengaluru-based ride hailing firm Ola has confirmed that former Flipkart co-founder and former group CEO Sachin Bansal has made an investment of Rs 650 crore (approx. $92 millon) in the company. This investment is part of Ola’s larger Series J funding round and is in Sachin’s personal capacity as an investor, Ola said in a statement.
“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,” Sachin Bansal, said in a statement.
“I have known Bhavish as an entrepreneur and as a friend over these years and I have great respect for what he and the team at Ola have built in just 8 years! I am personally thrilled to be part of the Ola journey and I look forward to contributing to their success,” he further added.
It was reported in January based on information from the registrar of companies that Sachin had invested Rs 150 crore in Ola. Economic Times reported at the time that Sachin bought 70,588 ‘Series J’ preference shares at a value of Rs 21,250 per share.
Post the Walmart-Flipkart acquisition last year, Sachin Bansal exited from the company he founded and sold his stake to Walmart, making nearly $1 billion from the deal.
Bhavish Aggarwal, Co-founder and CEO, Ola said, “We are extremely thrilled to have Sachin onboard Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India’s most respected businesses ground up, is unparalleled. His investment is a huge encouragement for all of us at Ola and our mission to serve a billion people. I personally look forward to learning from Sachin’s journey, his mentorship and guidance, as we look to build one of the most impactful global businesses out of India.”