NEW DELHI: Flipkart Co-founder and former CEO Sachin Bansal is expected to invest up to $100 million towards ride-hailing startup Ola Cabs.
It would be the one of the ‘largest personal investment’ in the Indian internet and e-commerce space in India as per reports.
Nether Ola CEO Bhavish Aggarwal nor Bansal have commented on any sort of funding agreement or deal yet.
The 37-year-old co-founder of Flipkart exited the company after giving up his entire shareholding of 5.5 per cent to Walmart that picked up a 77 per cent stake in the homegrown e-commerce giant. Bansal, who founded the company with Binny Bansal, made $1 billion from the deal.
Bansal's entry into Ola is seen as a significant move as the company has been locked in a battle with the largest shareholder, SoftBank. Singapore's Temasek that picked up a secondary stake at Ola agreed to vote with the Ola founders.
Ola is one of the top ride-hailing services in India along with Uber, which is its biggest rival. Ola is trying to expand its business outside India.
Ola has been foraying into foreign countries. It started operations in UK, Australia, New Zealand, Bangladesh and Sri Lanka.
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