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

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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.

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

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