Sachin Bansal invests Rs 650 cr in Ola

Flipkart co-founder Sachin Bansal has invested about Rs 650 crore in Ola, giving the Indian ride-hailing company more ammunition to compete with rival Uber.

The investment is in Sachin’s personal capacity and is also the largest financing by an individual in Ola till date, Ola said in a statement.

In January, Ola had issued shares worth Rs 150 crore to Sachin as part of series J round of funding.

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