Flipkart co-founder Sachin Bansal on Tuesday invested $92 million (roughly 650 crores) in ride-hailing firm Ola. With this, the company has added a major investment to its ongoing Series J financing round. Notably, it is the largest investment in the company by an individual.
The latest investment was reported last month, as Bansal had committed to investing 150 crore. It was also reported that this series round is hoped to help Ola raise as much as $1 billion (roughly Rs. 71,500 crores).
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, this Indian origin online transportation network company integrates city transportation for customers and drivers through a mobile app platform.
“Ola is one of India’s most promising consumer businesses, having a deep impact and lasting value for the ecosystem,” said Bansal, in a statement. “It has managed to emerge as a global force in the mobility space and on the other, the team continues to build deeper for various needs of a billion Indians through their platform, becoming a trusted household name today.”
On the other hand, the Indian firm declined to comment — how it is planning to capture the use of new investment. Also, Bansal will play a role in advising management. However, Ola co-founder and CEO Bhavish Aggarwal reportedly said that Bansal would mentor and guide our team.
He further said, “Sachin is an entrepreneur model for us all and his experience of building one of India’s most respected businesses ground up, is unparalleled.” His investment in our business is a huge encouragement for all of us and our mission to serve a billion people.”
The 8-year-old firm is giving tough competition to Uber in India. In January last year, it also extended into overseas markets and kick off its operations in Australia. The company also reached New Zealand in last September and most recently expanded its footprint in the UK by announcing the rollout of its services across south-west England.
Apart from offering its transportation services, it is taking on food delivery aggregation platform in India by offering an integrated Foodpanda experience through its mobile app. Ola acquired Foodpanda, an India-based food delivery service in December 2017 in exchange for Ola stock. Also, it announced the investment of roughly $200 million into the India branch of the food delivery platform.