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India’s taxi-hailing app raises $21million from Indian e-commerce billionaire

sachin bansal

Sachin Bansal, co-founder of Flipkart has invested in Ola, a ride haling app and India’s 2nd most valued startup.

According to Papers.vc, the Flipkart founder has invested $21 million or Rs150 crore into Ola in its Series J round of funding. Last week, the company also raised Rs520.79 crore from Steadview Capital Mauritius.

Bansal’s investment in the Bangalore based company would value it’s at $5.7 billion. He purchased 70.588 preference shares in the company at a value of Rs21,250, as per the reports from The Economic Times.

Bansal has committed to invest $100 million to Ola after Flipkart’s $16 billion deal with Walmart. If Bansal’s commitments are fulfilled it would be one of the biggest personals investments in the Indian Internet space.   

ANI technologies, which operates Ola has seen its seen its income rising 70% on a year-on-year to Rs1,380.7 crores in FY17. Even after the rise in income, the company losses are widening from Rs3,147 to Rs4,897.8 crore in FY17.

The company has faced a slow growth curve after a drop in drivers earnings and has caused strikes by drivers.