A major investment in Ola, ride-hailing firm, has been made by Flipkart Co-founder, Sachin Bansal. Bansal has procured 70,588 Series J shares which worth Rs. 21,250 per share. The investment is one of the significant investments for the Indian ride-hailing company as it was keenly looking for the investors. Bansals investment is second in the series after Steadview Capital endowed money up to $ 74 million earlier this month.
The document registered with the registrar of companies (RoC) testifies the business deal. The investment is said to be part of a larger $100 million investment that Bansal had committed to Ola last year. (Source: ET)
In the past few years, Flipkarts Co-founder, Sachin Bansal and Olas Co-founder, Bhavish Aggarwal, has become close friends. The duo has shared their concern over how domestic startups lacked a level playing field against their deep-pocketed global rivals. (source: ET)
Back in December 2016, Sachin Bansal had made a statement while addressing global companies, We need your capital, not your companies. ( source: ET)
So, the present investment is an important move by the industrialist to fortify domestic ride-hailing company, Ola.