Bengaluru-based ride-hailing company, Ola has finally confirmed investment from Flipkart cofounder Sachin Bansal. Ola announced that Sachin has led an investment of ₹ 650 crore ( $92 million) in the company in a statement.
“We are extremely thrilled to have Sachin onboard Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India’s most respected businesses ground up, is unparalleled. His investment is a huge encouragement for all of us at Ola and our mission to serve a billion people,” Bhavish Aggarwal, cofounder and CEO, Ola said,
The investment, which is part of Ola’s ongoing Series J funding round, is the largest investment by an individual in Ola till date.
Cofounded by Bhavish Aggarwal and Ankit Bhati in 2011, Ola is currently looking to raise capital from sources other than SoftBank, its largest institutional stake holder, to prevent the Japanese conglomerate from taking over the ride hailing company.
Earlier in January, a Ministry of Corporate Affairs filing showed that Bansal had made an investment of $21 million in the company. According to reports, the investment would be part of a larger $91 million funding by the Flipkart cofounder. Now total funding in Ola’s ongoing Series J round has now reached $166 million.
Ola has been expanding globally over last one year. In 2018 the company launched its operations in Australia, UK, and New Zealand. The company also reportedly set up teams in Dhaka, Bangladesh and Colombo, Sri Lanka.