Flipkart Co-Founder Invests Rs 650 Crore In Ola

New Delhi: Flipkart co-founder Sachin Bansal has invested about Rs 650 crore in Ola, enabling the ride-offering company to compete with arch-rival Uber.

In an official statement, Ola said the investment is in Bansal’s personal capacity and is also the largest financing by an individual in the company till date.

The investment is part of Ola’s plans to raise about $1 billion in funding. In October last year, the Bengaluru-based company had announced raising $11 billion funding from China’s Tencent Holdings and SoftBank Group.

“Ola is one of India’s most promising consumer businesses, that is creating deep impact and lasting value for the ecosystem,” Sachin said.

Currently, Ola is vying for market leadership with US-based rival Uber in India besides other markets like Australia, New Zealand and the UK. The company has been looking to expand business through new services including food delivery operations (through Foodpanda).

“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,” said Bhavish Aggarwal, co-founder and CEO of Ola.

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