Flipkart founder Sachin Bansal invests Rs 650 crore in Ola

The latest funding is expected to be part of the $1 billion Ola has been aiming to raise

Flipkart co-founder Sachin Bansal has pumped in about Rs 650 crore in ride-hailing platform Ola, according to documents filed with the Corporate Affairs Ministry.

"... 70,588 fully and compulsorily convertible, cumulative 'Series J' Preference Shares' having face value of Rs 10 having the rights, privileges and preferences... is hereby allotted at a subscription price of Rs 21,250," the documents showed.

This translates into an investment of about Rs 650 crore by Bansal, who left Flipkart after the US retail giant Walmart picked up 77 per cent stake in the e-commerce company for $16 billion.

The resolution was passed at a