Ride hailing application backed by SoftBank Group and Tencent Holdings - Ola confirmed an investment of Rs 650 crore by Flipkart co-founder Sachin Bansal, said the Bengaluru-based firm in a statement on Tuesday. The investment from Mr Bansal comes as Ola is locked in a battle for market leadership with US-based rival Uber in India and other markets such as Australia, New Zealand and the UK.
This investment by Sachin Bansal is part of Ola's larger Series J funding round and is in Sachin's personal capacity as an investor, the statement added.
Thrilled to be part of this journey with @bhash and the @Olacabs team. Ola is a household name today and is a global force in the mobility ecosystem. Their success is important for all of us and I'm excited about the vision they are building towards. https://t.co/xhxKL2i72L
"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," Sachin Bansal said.
I'm super excited to welcome @_sachinbansal onboard as an investor in @Olacabs. Sachin is an icon and an inspiration to a whole generation of entrepreneurs. I look forward to learning from him as we build one of the most impactful businesses out of India! https://t.co/cApT2HsMcc pic.twitter.com/SGIaJrXirA
"We are extremely thrilled to have Sachin on-board Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India's most respected businesses ground up, is unparalleled. His investment is a huge encouragement for all of us at Ola and our mission to serve a billion people," Bhavish Aggarwal, Ola's co-founder and CEO said.
Sachin Bansal left Flipkart last year after US retail giant Walmart picked up a 77 per cent stake in the e-retailer for $16 billion.
In October 2017, Ola had announced raising $1.1 billion funding from China's Tencent Holdings and SoftBank Group.
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