Former Flipkart co-founder Sachin Bansal invests $21 Mn in Ola

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Sachin Bansal has invested $21 Mn in ride hailing firm Ola, according to documents filed with the Registrar of Companies (ROC) sourced from data intelligence firm PaperVC.

Bengaluru, 14 Jan, 2019. RedNewswire/-

According to the filing, 70,588 fully and compulsorily convertible, cumulative ‘Series ‘J’ preference shares with a face value of Rs 10 have been allotted at a subscription price of Rs 21,250 at a premium of Rs 21,240. 

As part of the same round, Ola recently received $74 million from existing backer Steadview Capital. The latest round had pulled up Ola’s valuation to $5.7 billion.

Bansal, made close to $1 billion after selling his stake in Flipkart to global retail giant Walmart last year, when it acquired 77 per cent stake in the online marketplace for $16 billion.

Ola last announced a fund-raise of $1.1 Bn from China’s Tencent Holdings and existing investor SoftBank Group in October last year and said it was in talks to raise another $1 billion.

As part of Ola’s plans, it is looking to aggressively expand its footprint abroad and within India, besides building a strong foodtech business to compete with sector incumbents Swiggy and Zomato.

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