Flipkart co-founder Sachin Bansal has invested Rs 650 crore in ride-haling firm Ola, making it the largest investment by an individual in Ola till date. The investment is part of Ola’s larger Series J funding round, the firm said in a statement on Tuesday.

The funding will provide more power to Ola to compete with rival Uber and also reduce its dependence on another investor, SoftBank, which is the largest shareholder in the firm. Reportedly, SoftBank has offered to invest more in Ola and increase its stake. It is not clear whether Ola founder Bhavish Aggarwal will take more funds from SoftBank. In January this year, Bansal had invested Rs 150 crore in Ola. The investment had valued the business at close to $5.5-6 billion, according to industry watchers .

The statement quoted Bansal as saying that while Ola has emerged as a global force in the mobility space, it continues to build deeper for various needs of a billion Indians through their platform. “I have known Bhavish as an entrepreneur and as a friend over these years and I have great respect for what he and the team at Ola have built in just 8 years! I am personally thrilled to be part of the Ola journey and I look forward to contributing to their success,” he said.

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