Sachin Bansal is looking for a suitable buyer to sell his Ola stake. The Flipkart co-founder wants to channel the proceeds into the fintech startup, Navi. Sachin Bansal, a co-founder of Flipkart, intends to sell his ownership of Ola, which is owned by Bhavish Aggarwal. The Economic Times said on Tuesday that Bansal, who put $100 million into the ride-hailing business in 2019, wants to sell his share.
The valuation will be used to finalize the deal. According to the article, Bansal valued Ola at about $4 billion and demanded a premium to sell his interest. According to reports, the corporation was worth $3 billion at the time of investment.
Having known one another for over ten years, Bansal and Aggarwal have developed their businesses to fight international competitors like Uber and Amazon.
The report quoted a person who has reviewed the proposal and said
“Yes, the deal has come to us. The idea being this could be an entry in Ola right before the IPO, but valuation at which Bansal agrees will be key to the deal,”
Bansal sold the company stake in the IPO-bound Ather Energy to Zerodha co-founder Nikhil Kamath.
Over the past year, the Flipkart co-founder has been concentrating on Navi, his financial business. According to the story, which cited Bansal’s close associates, Bansal is selling his interest in Ola in order to invest in Navi. He is also considering outside fundraising for Navi, but he hasn’t made a choice yet.
Navi’s real issues are
Navi facing regulatory problems and raising funds externally. The report said. Navi Finserv, a non-financial services company, was barred from lending by the Reserve Bank of India (RBI) in October because of its exorbitant interest rates. On December 2, though, this restriction was removed.
Ola’s valuation
Vanguard valued Ola at $2 billion in August 2024. Compared to the peak of $7.3 billion in 2021, this represents a significant drop. Ola raised $139 million in 2021.
