Home Business Sachin Bansal, Co-founder Flipkart invests $92 million in OLA cabs

Sachin Bansal, Co-founder Flipkart invests $92 million in OLA cabs

[⌛ 2 Minutes Read]Sachin bansal in olaSachin Bansal, co-founder of Flipkart who pocketed a whooping billion dollar in exchange of his 5.5 % stake while exiting the company after Wallmart-Flipkart acquisition seems reinvesting in the home-grown start-ups.

Bangalore based ride aggregator startup OLA cabs has confirmed an investment of $92 million or 650cr rupees investment by Sachin Bansal as an individual investor. Later in the evening ola clarified “Sachin Bansal is not going to be a part of the Ola board, rather he is an investor in his individual capacity,” in an email to Business Today.

Sachin Bansal tweeted from his handle @_sachinbansal “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’s investment in ANI technologies which is the parent company of OLA cabs is widely regarded as a move to back his friend and Ola founder Bhavish Aggarwal in strengthening his position in the board room. Currently SoftBank is the biggest investor in the ola which also owns shares in the rival company Uber.

Support IndianSpectator by subscribing to our Daily Newsletters, Submit your opinion/articles on Info.indianspectator@gmail.com

Stamp your viewpoint, use the comment box down below. Share on Facebook, Twitter and WhatsApp.

Recommended: Why does India need evidence-based crime policy more than ever?
Interim Budget 2019 Key Points: Wooed Salaried Class and Farmers

IS NewsDesk
IS NewsDesk
Stories curated by our interns and news crew. Originally reported or general compilation from various available sources and news agencies.

Must Read


Revolt RV400: India’s First All Electric AI Enabled Bike Launched

Rahul Sharma, Co-founder of Micromax, has launched an all electric platform based 2 wheeler called RV400 as the first product of his newly founded...

ISRO Chief revealed plans to setup India’s own space station for Gaganyaan

A momentous announcement came today as part of India's ambitious Gaganyaan project which will be the first manned space mission ever to be conducted by...

Big News: AN-32 Wreckage Found in Arunachal Pradesh After Days of Search

IAF's AN-32 transport aircraft which had lost contact from the military radars on 3rd June, has finally been found in parts of Arunachal Pradesh...