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Flipkart's co-founder Sachin Bansal invests Rs 150 crore in Ola

IANS  |  Bengaluru 

of leading Flipkart, Sachin Bansal, invested 150-crore ($21 million) in ride-sharing Ola, business signals platform paper.vc said on Monday.

Bansal, who co-founded along with Binny in 2007, bought a total of 70,588 preference shares of city-based cab hailing platform, according to Ola's filings with the of Companies (RoC) accessed by IANS from the Chennai-based firm.

The shares of 10 face value were allotted to at a premium of 21,240 per share, the filing noted.

Last week, Ola had also raised Rs 520-crore ($74 million) from its existing investor

Though co-founded Flipkart, he left the company in May last year when American bought a 77 per cent equity stake in the for $16 billion (Rs 1,16,256 crore).

Bansal has made over 10 investments in over the past few years in his individual capacity, including and news aggregator Inshorts among others.

Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola currently operates in 125 cities in countries including India, Australia, and the UK.

The company has been aggressively expanding its services internationally since last year, as it competes against American ride-hailing firm

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 21:22 IST
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