A week after Ola has raised $74 million from existing investor Steadview Capital, Flipkart co-founder Sachin Bansal has invested $21 million (~ ₹ 149 crore) in Ola through his individual capacity, according to documents filed with the Registrar of Companies (ROC) sourced from data intelligence firm Paper.VC.
The fund infusion has come in as part of the ongoing Series J round of Ola.
ANI Technologies Pvt, the parent firm of Ola, is allotting 70,588 fully and compulsorily cumulative Series J preference shares having a face value of Rs 10 at a subscription price of Rs 21,240 to Bansal. According to a source privy to the development, this money is part of a larger round size of Rs 650 crore which is to come from Bansal. However RoC has not been updated with the other documents as yet.
Ola last announced a fund-raise of $1.1 billion from China’s Tencent Holdings and existing investor SoftBank Group in October last year and said it was in talks to raise another $1 billion.
This latest fund raise is expected to be a part of the $1 billion, the company has been trying to raise. Last year, it also added $50 million of funding from Hong Kong-based private equity firm Sailing Capital and China-Eurasian Economic Cooperation Fund, a Chinese state-backed investment fund.
This is likely to be one the biggest investment of Sachin Bansal, who has earlier too invested in dozen of other Indian startups. Bansal is also setting up a $1 billion fund and supposedly establishing a holding company through which he will run his new businesses and make investments as well.
Ola, which has recently invested $100 million in Vogo, a scooter rental startup based out of Bangalore, is also set to enter online medicine delivery and is reporttedly in discussions to invest or even acquire Myra Medicines, a medicine delivery startup based out of Bangalore which shares Matrix Partners as common investor with Ola
Since early last year, Ola has also expanded to overseas markets. Six months after foraying into Australia, Ola launched its operations in the United Kingdom in September 2018.