Sachin’s Rs 650 crore Ola ride biggest desi startup bet - Times of India
19 Feb 2019 5:00 PM GMT
India Business News: BENGALURU: Flipkart co-founder Sachin Bansal has invested Rs 650 crore, or $92 million, in ride-hailing major Ola in a landmark investment in India?s .
- Flipkart co-founder Sachin Bansal has invested Rs 650 crore, or $92 million, in ride-hailing major Ola in a landmark investment in India’s startup ecosystem where entrepreneurs have said that domestic capital is not available for mature companies.
- The investment is the first major move by Bansal after his exit from Flipkart in May last year and cements his partnership with Ola co-founder Bhavish Aggarwal .
- This is part of a bigger funding round for Ola, where the Bengaluru-based company may raise as much as $1 billion, valuing the firm at $5.7 billion.
- This is the first time we have this level of capital based in India with a local founder, which will change the way we think about startups by not aping western companies,” said Anand Lunia, co-founder of investment firm India Quotient.
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