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Sachin Bansal invests Rs 150-cr in Ola

Press Trust of India  |  New Delhi 

Sachin has pumped in about Rs 150 crore in ride-hailing platform Ola, according to documents filed with the

"... 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 150 crore by Bansal, who left after the US picked up 77 per cent stake in the company for USD 16 billion.

The resolution was passed at a board meeting of ANI Technologies, the entity that runs Ola, on January 12, according to the documents.

E-mails sent to and did not elicit any response.

According to sources, is pumping in Rs 650 crore in total and the Rs 150 crore funding is part of the total investment.

The allotment of these shares to Bansal is part of Ola's plans to raise about USD 1 billion in funding, they added.

In October last year, the Bengaluru-based company had announced raising USD 1.1 billion funding from China's and It had also stated that it was in "advanced talks" to close an additional USD 1 billion funding to take total mop-up to more than USD 2 billion.

is locked in a battle for market leadership with US-based rival in and other markets like Australia, and the UK. The Indian company has been aggressively ramping up its rides business as well as hailing platform and (through Foodpanda).

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

First Published: Mon, January 14 2019. 15:45 IST
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