Ola raises $92 Million from Flipkart Co-Founder Sachin Bansal
Ola has raised $92 Million (Rs. 650 crore) from Sachin Bansal.
Ola has issued shares worth Rs. 150 Crore to Sachin Bansal as a part of Series J round of funding in January 2019.
In October 2018 Ola has also raised $1.1 Billion funding from China’s SoftBank Group and Tencent Holdings.
Sachin Bansal quit Flipkart after US retail behemoth became 77 percent stakeholder of Indian E-commerce Company.
World’s one of the top ride-hailing Unicorn has raised $92 Million (Rs. 650 crores) from icon entrepreneur and Flipkart Co-founder, Sachin Bansal. It is a Brobdingnagian amount for Bengaluru based startup and largest amount invested by any individual on its own capacity in Ola. Ola has issued shared worth Rs. 150 Crore to Sachin in January 2019 as a part of series J round of funding.
Sachin Bansal who found Flipkart over a decade ago with Binny Bansal quit Flipkart after US retail behemoth became 77 percent stakeholder of Indian E-commerce Company.
Speaking to his investment in Ola Sachin said, “Ola is India’s most promising consumer businesses, that it creating a reformation in cab hailing system in India and building lasting value for the ecosystem. On one side they have emerged as a global force in mobility space and on the other side, they are building deeper and deeper to fulfill the need of billions of Indians through their platform. Thus becoming a trusting household today.”
He also added, “I am in contact with Bhavik as an entrepreneur and as a friend over these years and I have deep respect for him and his team to attain such parapet of success only within 8 years. I am personally thrilled to be part of their journey and look forward to contributing to their success.”
This funding is part of Ola’s plan to raise $1 Billion in Series J funding round. In October 2018 Ola has also raised $1.1 Billion funding from China’s SoftBank Group and Tencent Holdings.
It also stated that it was in talks to raise an additional $1 Billion funding to take total mop up to more than $2 Billion funding. Ola is facing a high battle with US-based ride-hailing giant Uber in markets of India, Australia, UK, and New Zealand. The Indian ride-hailing unicorn is fleeing aggressively to ramp up its ride business and food delivery business.
Bhavik Agrawal, CEO, and Co-founder of Ola said, “We are pleased to have Sachin Bansal on board as an investor. He is an icon for entrepreneurs and his experience of building India’s biggest E-commerce unicorn is unparalleled. His investment is a huge encouragement for all of us at Ola and has put a kick to fulfill our mission of serving billions of Indians.”
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