Ola on February 19 announced that Flipkart co-founder Sachin Bansal invested ₹650 crore. The latest investment is touted to be in Bansal's personal capacity as an investor. Notably, its the largest investment in Ola by an individual which is a part of Ola’s series J funding round. Bansal exited Flipkart in May last year just after Walmart’s acquisition of the e-commerce giant.
In a joint media statement Bansal said that Ola is one of India's most promising consumer businesses that is creating deep impact and lasting value for the ecosystem. On one hand, they have emerged as a global force in the mobility space and on the other, they continue to build deeper for various needs of a billion Indians through their platform, becoming a trusted household name today.
Ola co-founder and CEO Bhavish Aggarwal in the media statement suggested that Bansal would mentor and guide the team.
Ola is a strong competitor of Uber and is taking on Uber’s UberEATS food delivery platform by acquiring FoodPanda in December 2017.
In December last year, Ola announced its plans to invest $100 million (roughly ₹714 crore) in domestic scooter sharing startup Vogo. The company also added Vogo's two-wheelers to the Ola app to broaden the range of vehicles being offered through its platform.
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