Flipkart co-founder Sachin Bansal has invested about Rs 650 crore in Ola, giving the Indian ride-hailing company more ammunition to compete with rival Uber.

The investment is in Sachin's personal capacity and is also the largest financing by an individual in Ola till date, Ola said in a statement.

In January, Ola had issued shares worth Rs 150 crore to Sachin as part of series J round of funding.

Sachin, who founded Flipkart over a decade ago with Binny Bansal, had quit after US retail behemoth Walmart picked up 77 per cent stake in the Indian e-commerce company for USD 16 billion.

"Ola is one of India's most promising consumer businesses, that is creating deep impact and lasting value for the ecosystem," Sachin said.

The investment is part of Ola's plans to raise about USD 1 billion in funding. In October last year, the Bengaluru-based company had announced raising USD 1.1 billion funding from China's Tencent Holdings and SoftBank Group. 
It had also stated that it was in "advanced talks" to close an additional USD 1 billion funding to take total mop-up to more than USD 2 billion.

Ola is locked in a battle for market leadership with US-based rival Uber in India and other markets like Australia, New Zealand and the UK.

The Indian company has been aggressively ramping up its rides business as well as hailing platform and food delivery operations (through Foodpanda).

"We are extremely thrilled to have Sachin onboard Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India's most respected businesses ground up, is unparalleled," said Bhavish Aggarwal, co-founder and CEO at Ola.

Flipkart co-founder Sachin Bansal has invested about Rs 650 crore in Ola, giving the Indian ride-hailing company more ammunition to compete with rival Uber. The investment is in Sachin's personal capacity and is also the largest financing by an individual in Ola till date, Ola said in a statement.

Flipkart co-founder Sachin Bansal has invested about Rs 650 crore in Ola, giving the Indian ride-hailing company more ammunition to compete with rival Uber. The investment is in Sachin's personal capacity and is also the largest financing by an individual in Ola till date, Ola said in a statement. In January, Ola had issued shares worth Rs 150 crore to Sachin as part of series J round of funding. Sachin, who founded Flipkart over a decade ago with Binny Bansal, had quit after US retail behemoth Walmart picked up 77 per cent stake in the Indian e-commerce company for USD 16 billion. "Ola is one of India's most promising consumer businesses, that is creating deep impact and lasting value for the ecosystem," Sachin said. The investment is part of Ola's plans to raise about USD 1 billion in funding. In October last year, the Bengaluru-based company had announced raising USD 1.1 billion funding from China's Tencent Holdings and SoftBank Group. It had also stated that it was in "advanced talks" to close an additional USD 1 billion funding to take total mop-up to more than USD 2 billion. Ola is locked in a battle for market leadership with US-based rival Uber in India and other markets like Australia, New Zealand and the UK. The Indian company has been aggressively ramping up its rides business as well as hailing platform and food delivery operations (through Foodpanda). "We are extremely thrilled to have Sachin onboard Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India's most respected businesses ground up, is unparalleled," said Bhavish Aggarwal, co-founder and CEO at Ola.

Flipkart co-founder Sachin Bansal invests Rs 650 crore in Ola cabs

Flipkart co-founder Sachin Bansal, who is exiting the Bengaluru-based company post the Walmart deal, plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects.

US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.

Also read: <a href="http://www.wionews.com/india-news/flipkarts-1st-employee-was-hired-at-rs-8000-a-month-today-hes-a-multi-millionaire-135789">Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire</a>

Sachin and Binny, who are not related and formerly worked for Amazon.Com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league.

"I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills," Bansal said in a Facebook post.

The emotional farewell post went on to say: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart".

Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum.

"...But I'll be watching and cheering from the outside ? Flipsters, you better continue to do a good job!" he said.

Recalling the cherished relationships and "amazing experiences", Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people.

"We took on some of the biggest challenges and solved many complex problems for india," Bansal reminisced.&nbsp;

Sachin Bansal, who co-founded Flipkart with Binny Bansal in 2007, is leaving the company after the Walmart deal. He said, in an emotional Facebook post, that he plans to catch up on gaming and brush up his coding skills

Flipkart co-founder Sachin Bansal, who is exiting the Bengaluru-based company post the Walmart deal, plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects. US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion. Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on. Also read: Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire Sachin and Binny, who are not related and formerly worked for Amazon.Com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league. "I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills," Bansal said in a Facebook post. The emotional farewell post went on to say: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart". Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum. "...But I'll be watching and cheering from the outside ? Flipsters, you better continue to do a good job!" he said. Recalling the cherished relationships and "amazing experiences", Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people. "We took on some of the biggest challenges and solved many complex problems for india," Bansal reminisced.

'Sadly my work here is done,' says Sachin Bansal. Leaves Flipkart

Walmart chief executive <a href="http://www.wionews.com/videos/indias-biggest-fdi-deal-is-the-walmart-flipkart-deal-134797">Doug McMillon is expected to </a>announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country.

Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company.

The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

Walmart chief executive Doug McMillon is expected to announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country. Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country. Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company. The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Walmart may announce Flipkart deal today

In the wake of global retail giant Walmart eyeing a majority stake in Flipkart, co-owner Sachin Bansal may exit the Indian e-commerce venture, reports suggest.

Bansal, along with Binny Bansal, started Flipkart almost over a decade ago in 2007.&nbsp;

The final word on Sachin’s exit will be announced in the coming week after the company decides the course of action with respect to the Walmart deal.&nbsp;

According to reports, the Bansal duo is desired to stay back in the top management rung by Walmart. Sachin had been the longest-serving CEO of the company until 2016.&nbsp;

Meanwhile, global e-commerce giant Amazon Inc has also made a formal offer to buy a 60 per cent stake in Flipkart, a move that threatens to complicate Walmart Inc's bid.

Walmart was likely to reach with a deal to buy a majority stake in Flipkart by the end of June this year. The deal, if materialises, would be Walmart's biggest acquisition of an online business.

The acquisition will put Walmart and Amazon -- two multinational e-commerce giants -- at loggerheads in the Indian&nbsp;e-commerce space that is estimated to worth $200 billion a year within a decade.

The deal will also translate into a cornered and more diluted Indian hold on the majority of e-commerce business in the country.&nbsp;

With the deal likely to be signed as early as next week, the Walmart-Flipkart deal will most likely involve the former buying a controlling stake of around 55 per cent in the Bengaluru-based company.

Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016.

&nbsp;

Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016

In the wake of global retail giant Walmart eyeing a majority stake in Flipkart, co-owner Sachin Bansal may exit the Indian e-commerce venture, reports suggest. Bansal, along with Binny Bansal, started Flipkart almost over a decade ago in 2007. The final word on Sachin’s exit will be announced in the coming week after the company decides the course of action with respect to the Walmart deal. According to reports, the Bansal duo is desired to stay back in the top management rung by Walmart. Sachin had been the longest-serving CEO of the company until 2016. Meanwhile, global e-commerce giant Amazon Inc has also made a formal offer to buy a 60 per cent stake in Flipkart, a move that threatens to complicate Walmart Inc's bid. Walmart was likely to reach with a deal to buy a majority stake in Flipkart by the end of June this year. The deal, if materialises, would be Walmart's biggest acquisition of an online business. The acquisition will put Walmart and Amazon -- two multinational e-commerce giants -- at loggerheads in the Indian e-commerce space that is estimated to worth $200 billion a year within a decade. The deal will also translate into a cornered and more diluted Indian hold on the majority of e-commerce business in the country. With the deal likely to be signed as early as next week, the Walmart-Flipkart deal will most likely involve the former buying a controlling stake of around 55 per cent in the Bengaluru-based company. Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016.

Flipkart co-founder Sachin Bansal may quit as Walmart warms up to takeover

Indian e-commerce firm Flipkart's board is yet to finalise a deal to sell a controlling stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, adding a deal could just be days away.

Bloomberg reported earlier on Friday, citing unidentified sources, that Flipkart's board had approved a deal to sell a stake of about 75 percent in the company to a group led by US&nbsp;retail giant Walmart for about $15 billion.

A third source told Reuters that while Flipkart's board had "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation-related concerns and a few other issues need to be resolved.

The first two sources said Alphabet Inc is also likely to invest in Flipkart alongside Walmart, but terms of the deal may change. Japan's SoftBank Group, the biggest investor in the Indian firm through its private equity fund, is considering selling its roughly 20 percent stake as part of the deal if the price is right, two other sources said.

"SoftBank does not like to be a passive investor," one of the sources said.

Reuters had previously reported Walmart was in advanced talks with Flipkart to acquire a controlling stake in the Bengaluru-based online marketplace at a valuation of at least $18 billion.

Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm, in a move that could ease the way in for a new strategic investor, regulatory filings show.

Flipkart and Alphabet did not respond to Reuters' requests seeking comment. Walmart and SoftBank declined to comment.

AMAZON OFFER

Earlier this week, Indian TV channel CNBC-TV18 reported Amazon Inc had made a formal offer to buy 60 percent of Flipkart and that it had also proposed a $2 billion breakup fee to convince Flipkart to discuss its offer.

Sources told Reuters that Amazon had shown an interest in buying Flipkart, but said a deal with Walmart was much more likely to go through. Amazon is Flipkart's biggest rival in India.

Amazon's move to bid for Flipkart may push up valuations of the Indian firm, but engaging with the tech giant could be fraught with risks for Flipkart, said industry insiders and lawyers.

Beyond the risk of opening its books for due diligence and exposing sensitive commercial agreements to its biggest rival in India, an Amazon-Flipkart combination could face significant antitrust hurdles, they said.

Amazon is currently seeking legal opinion to understand how the country's antitrust regulator, the Competition Commission of India (CCI), is likely to view any deal with Flipkart, a lawyer and an industry source familiar with the matter told Reuters.

A former senior CCI official said e-commerce firms were already giving deep discounts and an Amazon-Flipkart union was likely to be in a position to sway the market their way, but the CCI could be convinced to approve a deal if both firms suggested "innovations or remedies."

"This definitely would be a tricky case and not easy to sail through," he added.

Amazon declined to comment on whether it had bid for Flipkart or was seeking legal opinion for a potential investment in the firm.

Flipkart, together with its fashion units Myntra and Jabong, controls nearly 40 percent of India's online retail market, while Amazon is a close second with a 31 percent share, according to data from research firm Forrester.

Both Amazon and Flipkart are pouring billions of dollars into winning shoppers in the fast-growing market that is expected to be worth $200 billion within a decade.

&nbsp;

The terms and conditions of the deal are still being discussed upon and are subject to change

Indian e-commerce firm Flipkart's board is yet to finalise a deal to sell a controlling stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, adding a deal could just be days away. Bloomberg reported earlier on Friday, citing unidentified sources, that Flipkart's board had approved a deal to sell a stake of about 75 percent in the company to a group led by US retail giant Walmart for about $15 billion. A third source told Reuters that while Flipkart's board had "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation-related concerns and a few other issues need to be resolved. The first two sources said Alphabet Inc is also likely to invest in Flipkart alongside Walmart, but terms of the deal may change. Japan's SoftBank Group, the biggest investor in the Indian firm through its private equity fund, is considering selling its roughly 20 percent stake as part of the deal if the price is right, two other sources said. "SoftBank does not like to be a passive investor," one of the sources said. Reuters had previously reported Walmart was in advanced talks with Flipkart to acquire a controlling stake in the Bengaluru-based online marketplace at a valuation of at least $18 billion. Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm, in a move that could ease the way in for a new strategic investor, regulatory filings show. Flipkart and Alphabet did not respond to Reuters' requests seeking comment. Walmart and SoftBank declined to comment. AMAZON OFFER Earlier this week, Indian TV channel CNBC-TV18 reported Amazon Inc had made a formal offer to buy 60 percent of Flipkart and that it had also proposed a $2 billion breakup fee to convince Flipkart to discuss its offer. Sources told Reuters that Amazon had shown an interest in buying Flipkart, but said a deal with Walmart was much more likely to go through. Amazon is Flipkart's biggest rival in India. Amazon's move to bid for Flipkart may push up valuations of the Indian firm, but engaging with the tech giant could be fraught with risks for Flipkart, said industry insiders and lawyers. Beyond the risk of opening its books for due diligence and exposing sensitive commercial agreements to its biggest rival in India, an Amazon-Flipkart combination could face significant antitrust hurdles, they said. Amazon is currently seeking legal opinion to understand how the country's antitrust regulator, the Competition Commission of India (CCI), is likely to view any deal with Flipkart, a lawyer and an industry source familiar with the matter told Reuters. A former senior CCI official said e-commerce firms were already giving deep discounts and an Amazon-Flipkart union was likely to be in a position to sway the market their way, but the CCI could be convinced to approve a deal if both firms suggested "innovations or remedies." "This definitely would be a tricky case and not easy to sail through," he added. Amazon declined to comment on whether it had bid for Flipkart or was seeking legal opinion for a potential investment in the firm. Flipkart, together with its fashion units Myntra and Jabong, controls nearly 40 percent of India's online retail market, while Amazon is a close second with a 31 percent share, according to data from research firm Forrester. Both Amazon and Flipkart are pouring billions of dollars into winning shoppers in the fast-growing market that is expected to be worth $200 billion within a decade.

Flipkart yet to finalise stake sale deal with Walmart: Sources

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'Sadly my work here is done,' says Sachin Bansal. Leaves Flipkart

Walmart may announce Flipkart deal today

Flipkart co-founder Sachin Bansal may quit as Walmart warms up to takeover

Flipkart yet to finalise stake sale deal with Walmart: Sources