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Sachin Bansal invests $21 mn in Ola

This is Bansal’s first major move after leaving Flipkart last May

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MUMBAI: According to a filing with the Registrar of Companies (RoC), Flipkart co-founder Sachin Bansal has invested around $21 million in the SoftBank-backed cab-hailing platform Ola in a Series J funding round. The move comes a week after it raised $74 million from existing investor Steadview Capital. The fund raised is expected to be a part of the $1 billion, the company has been trying to raise.

The filing reveals that 70,588 fully and compulsorily convertible, cumulative ‘Series ‘J’ preference shares with a face value of Rs 10 have been allotted at a subscription price of Rs 21,250 at a premium of Rs 21,240.

This is Bansal’s first major move after leaving Flipkart last May.

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