Sachin Bansal puts more cash into Ola

Flipkart co-founder Sachin Bansal is putting more money into Ola, giving the domestic ride-hailing company more ammunition to compete with its American rival Uber.

Bansal this time has invested Rs 650 crore in Ola. In January, Ola had issued shares worth Rs 150 crore to Bansal as part of the Series J round of funding.

The investment of Rs 650 crore is in Bansal’s personal capacity and is also the largest financing by an individual in Ola till date, the company said in a statement.

Sachin, who founded Flipkart over a decade ago with Binny Bansal, had quit the online retail platform after Walmart, the US retail behemoth, picked up a 77 per cent stake in the Indian e-commerce company for $16 billion.