Flipkart co-founder Sachin Bansal invests Rs 150-cr in Ola

TIL Desk/Business/New Delhi/ Flipkart co-founder Sachin Bansal has pumped in about Rs 150 crore in ride-hailing platform Ola, according to documents filed with the Corporate Affairs Ministry.

“… 70,588 fully and compulsorily convertible, cumulative ‘Series J’ Preference Shares’ having face value of Rs 10 having the rights, privileges and preferences… is hereby allotted at a subscription price of Rs 21,250,” the documents showed.

This translates into an investment of about Rs 150 crore by Bansal, who left Flipkart after the US retail giant Walmart picked up 77 per cent stake in the e-commerce company for USD 16 billion. The resolution was passed at a board meeting of ANI Technologies, the entity that runs Ola, on January 12, according to the documents. E-mails sent to Ola and Bansal did not elicit any response.