Flipkart’s co-founder Sachin Bansal backs Ola with Rs 650 crore

FE Online | Updated: February 19, 2019

Ride hailing company Ola today announced investment of Rs 650 crore from Flipkart’s co-founder Sachin Bansal as part of its ongoing $1 billion Series J round.

Bansal invested in personal capacity as an investor, Ola said in a statement.

“On one hand, they (Ola) 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,” Bansal said. 

Ola, earlier this month, raised $16 million from 9 investors based in the US and British Virgin Islands, as per ROC documents sourced by data platform Paper.vc.

The $1 billion series J round was announced by Ola in October last year when it raised $1.1 billion from China’s Tencent and SoftBank.

“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,” said Bhavish Aggarwal, Co-founder & CEO, Ola.

The other additions to the mammoth fundraise by Ola were $74 million round raised from Hong Kong-based hedge fund Steadview Capital with the issuance of 2.45 lakh shares last month.

Ola has reduced its losses by more than half to Rs 2,842.2 crore even as its revenue went up by almost 61% during FY2018, PTI quoted regulatory filings by the company.

Its loss for FY 2017 stood at Rs 4,897.8 crore. Ola’s consolidated revenue increased to Rs 2,222.6 crore in FY18 from Rs 1,380.7 crore in the previous fiscal.

According to the documents filed with the Corporate Affairs Ministry, Ola narrowed its standalone losses significantly to Rs 2,676.7 crore, while revenues were up 44.6 per cent to Rs 1,860.6 crore in FY2018 compared to the previous financial year.

Launched in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola claimed to be one of the world’s largest ride-hailing companies. It has users in more than 125 cities with over a million drivers on its platform.

SoftBank is the common shareholder in Ola as well as its arch rival Uber with a significant stake. While it holds 15% stake in Uber, the stake in Ola is around 26%.

Reference

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