Sachin Bansal’s investment in Ola was made in a personal capacity.
Ola bagged another stack of funds by adding Sachin Basal as their major investor. Flipkart co-founder Sachin Bansal has invested $92 million in ANI Technologies Pvt. Ltd, which operates cab-hailing app Ola, the company said in a statement.
According to the report by Techcircle last month, Ola received $21.18 million as the first tranche of the $ 92 million funding round. Another point to be noted in this deal is that it is the most significant investment made by an individual in Ola till date.
Bhavish Aggarwal, Ola’s CEO, commented,
“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.”
Investment in Ola was made in Bansal’s personal capacity. This injection of funds is part of Series J funding round. Earlier this month Ola raised $15.6 million from foreign investors as part of its ongoing Series J funding round.
Sachin Bansal stated,
“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.”
With the expansion to over 100 cities and towns, Ola has proved a stronghold to battle its U.S. rival Uber. They are not only focused on just cabs, but they also proved their mettle by progressing its mobile money service and backing up other startups.
Meanwhile, Ola is also busy in expanding its operations globally by venturing into foresees market like in Australia, UK, and New Zealand with the aim to keep Uber on its toe.
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