One of India’s most well-known entrepreneurs, Sachin Bansal, has picked up a stake in the ride-hailing venture Ola.
The Flipkart co-founder has invested $21 million (Rs 150 crore) in Bengaluru-based Ola, according to filings with the registrar of companies, sourced from business intelligence platform Paper.vc.
This is among Bansal’s first investment after his ouster from Flipkart after the Walmart deal when he sold his 5.5 percent stake in the online retailer for nearly $1 billion.
He has been issued 70,588 series J preference shares at a price of Rs 21,250 per share, according to documents filed.
37-year-old Bansal has been scouting for deals. Bansal’s other investment include SigTuple, scooter startup Ather Energy and news aggregator Inshorts.
Bansal has also registered a new venture, BAC Acquisitions, along with former investment banker Ankit Agarwal.
As a part of this round, Ola – owned by ANI Technologies Pvt. Ltd. – raised Rs 520 crore ($74 million) from existing investor Steadview Capital. The latest round has pulled up Ola’s valuation to $5.7 billion.
In October 2017, Ola had raised $1.1 billion in fresh capital at a valuation of $3.5-4 billion from China’s Tencent Holdings Ltd and existing investor SoftBank Group and had said that it was in talks to raise an additional $1 billion.
Ola’s Bhavish Aggarwal has been looking to bring in more capital through new investors to avoid ceding control to SoftBank, which currently holds roughly 26% in the company.
Ola is also looking to foray into the medicine delivery space through an investment in Myra Medicines.