Sachin Bansal, the co-founder of Flipkart, invests Rs 650 crore in Ola
Sachin Bansal, the co-founder of Flipkart, has invested Rs 650 crore in Ola, the homegrown ride-hailing platform. The capital infused by Bansal constitutes more than 10% of his wealth garnered from the $16-billion Walmart-Flipkart deal announced in May last year, and 2% stake will be given in Ola.
The latest funding done by the Bansal is the part of Ola’s Series J funding round, which is estimated to clock $1 billion. The investment done by the Bansal is a mix of primary and secondary capital wherein he has bought a share from Ola’s existing shareholders like Tiger Global.
With the success of Flipkart, Bansal is regarded as the flagbearer of the new-age internet entrepreneurship ecosystem. Ola reported a 61% rise in revenue to Rs 2,223 crore in FY18 while curbing losses by 42% to Rs 2,842 crore. Last year, Ola started making money on their every ride – which was a major milestone, after taking the account expenses such as customer discounts and driver’s incentives.