Internet entrepreneur and Flipkart co-founder Sachin Bansal has put more money into Ola, giving the domestic ride-hailing company more ammunition to compete with its American rival Uber. He has invested Rs 650 crore, or about $92 million, in ride-hailing platform Ola in his personal capacity as investor.
In a statement on Tuesday, the company said, “This investment is part of Ola’s larger Series J funding round. It is also the largest investment by an individual in Ola to date.”
“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,” Bansal said.
He further said he has known Ola founder Bhavish Aggarwal as entrepreneur and friend over the years and that he has great respect for what he and the team at Ola have built in 8 years.
“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,” Ola CEO Bhavish Aggarwal said.
Ola integrates city transportation for customers and drivers onto a mobile technology platform ensuring convenient, transparent, safe and quick service fulfilment, the statement added.