Flipkart’s Sachin Bansal may join Ola board after Rs 650-crore investment

Ride-hailing firm Ola on Tuesday confirmed an investment of Rs 650 crore ($92 million) from Flipkart co-founder Sachin Bansal.

This investment, which has been made by Bansal in his personal capacity as an investor, is part of Ola’s larger Series J funding round and values the Bengaluru firm at around $6.5 billion, according to sources with the direct knowledge of the development.

Sources confirmed that with this investment, Bansal will be accorded a board seat in Ola, giving his business insights and expertise in taking the company to the next level. The investment will boost the Bhavish Aggarwal-co-founded firm in its battle against Uber, which is rapidly gaining share in India. A spokesperson of Ola, however, declined to comment on the matter.