Flipkart’s co-founder Sachin Bansal has invested $21.2 million (₹ 149.9 crore) in a cab-hailing platform Ola as part of the latter’s ongoing Series J round through preference shares. Certain reports suggest that Bansal’s overall investment in Ola is $91.7 million (₹ 650 crore).
The development comes a week after Ola raised Series J Funding of $74 million (₹ 520 crore) from its existing investor, a Hong Kong-and London-based hedge fund — Steadview Capital — through preference shares.
Ola has big players such as Softbank, China Eurasian Economic Cooperation Fund, Sailing Capital, Temasek Holdings, Tencent Holdings, and Tekne Capital among its investors. According to reports, Ola is trying to curb the Japanese tech conglomerate Softbank’s influence in the company.
Bansal is also looking to begin a new entrepreneurial journey with a focus on artificial intelligence (AI). He has recently started a new venture – BAC Acquisitions Pvt Ltd – along with a friend and former investment banker Ankit Agarwal. Moreover, Bansal may invest $50–100 million (₹ 347 crore- 695 crore) in an electric vehicle startup Ather Energy.