Flipkart’s cofounder Sachin Bansal has invested Rs 650 crore in home-grown ride-hailing platform Ola.
According to documents filed with the Registrar of Companies, the Bengaluru-headquartered company had allotted the former Flipkart CEO 70,588 shares at 21,250 per share.
The latest investment continues to value Ola at $5.7 billion, the same valuation it commanded after existing investor Steadview Capital pumped in over Rs 520 crore into the company earlier this year.
On microblogging platform Twitter, Ola’s cofounder & CEO, Bhavish Aggarwal confirmed the deal today.
In a statement, the company said that this investment is part of Ola’s larger Series J funding round which is estimated to be $1-billion Series round. Bansal who has been an active investor in local startups since 2014, has infused the fresh capital in his personal capacity.
“Ola 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,” said Sachin Bansal in a press statement.
Further post Flipkart acquisition, the 37-year-old had scooped up an estimated $1 billion after selling his entire 5.5% stake in Flipkart to Walmart. Bansal’s outsized bet on Ola has been touted as the largest personal investment in the Indian internet space in the range of $1-2 million – in the Indian startup ecosystem.