Flipkart co-founder Sachin Bansal has now invested Rs 650 in the ANI Technologies Pvt Ltd, which works in the cab-hailing app Ola, the company revealed in a statement.
The investment made in Bansal Personal Capacity is a part of the Ola larger Series J funding round.
“Ola is one of India’s most promising consumer businesses that is creating deep impact and lasting value for the ecosystem. On one hand, they have emerged as a global force in the mobility space and on the other, they continue to build deeper for various needs of a billion Indians through their platform, becoming a trusted household name today,” Bansal said.
Bansal Rs 650 crore investment will value the Ola at around $5.8 Billion, according to the report. This is also Binny Bansal largest disclosed investment till date. He has been an active angel investor, which is typically writing cheques between $100000 and $500000.
In the year 2018 December, he launched the BAC Acquisition Pvt Ltd with its former IIT Delhi Batchmate and Investment Banker Ankit Agarwal.
For the fiscal year through 31st of March, Ola has reported a 57% increase in the operating revenue and halved its losses as a gross expense.
Ola has also entered into the three overseas market – UK, Australia and New Zealand, over the past year.