Sachin Bansal eyes sale of $100 mn Ola stake to focus on Navi expansion

Flipkart co-founder Sachin Bansal is in talks to sell his $100 million stake in Ola, seeking a $4 billion valuation, as he shifts focus to his fintech venture Navi amid IPO and funding efforts

Flipkart co-founder Sachin Bansal, who made his largest personal startup investment of $100 million in Ola back in 2019, is now in talks to divest his stake in the ride-hailing company, according to a report by The Economic Times.

 

The discussions involve private investors and family offices, though finalising the deal will depend on Ola’s valuation.

 

The sale depends on Bansal's expectation of a premium, with a valuation pegged at approximately $4 billion. At the time of his investment in 2019, Ola was estimated to be valued at around $3 billion, though details were not publicly disclosed.  

 

Bansal and Ola’s founder Bhavish Aggarwal have reportedly engaged in discussions regarding the potential stake sale. Both share a history of building ventures that rival major US players like Amazon and Uber in the Indian market.  

 

Shift in focus to Navi

Bansal’s move to sell his Ola stake coincides with his increasing focus on Navi, his fintech venture. Over the past year, he has been consolidating resources for Navi while seeking external funding for the startup. According to the report, the funds raised from the Ola stake sale may be used to strengthen Navi’s financial position.

 

This move follows Bansal’s recent exit from electric scooter maker Ather Energy, where he sold his stake to Zerodha co-founder Nikhil Kamath.  

Regulatory challenges for Navi

Navi has encountered regulatory setbacks, including a temporary restriction placed by the Reserve Bank of India (RBI) on lending by its non-banking financial arm, Navi Finserv. Although the restriction was lifted in December 2024, earlier attempts to secure funding from Temasek fell through after Navi was denied a banking licence.  

 

Despite these hurdles, Bansal reportedly discussed raising funds at a valuation of $2 billion for Navi in April 2024. He has already invested a significant portion of his personal wealth into the fintech startup after earning $1 billion from his Flipkart exit in 2018.  

Ola’s upcoming IPO  

Ola, run by Bengaluru-based ANI Technologies, is preparing for an IPO, likely within the next financial year ending March 2026. Existing investors have been in talks with the company about selling shares during the public offering.  

 

However, Ola’s valuation has significantly declined in recent years. As of August 2024, Vanguard valued the company at $2 billion, a steep drop from its $7.3 billion peak in 2021. Factors contributing to this decline include business challenges during the pandemic and a rebranding effort to position Ola as a broader consumer internet company, the report mentioned.

 

Ola has been diversifying its operations, including ventures into food and grocery delivery via the Open Network for Digital Commerce (ONDC) and launching dark store services to capitalise on India’s quick-commerce market.  

 

Despite these efforts, ANI Technologies reported a loss of Rs 1,082 crore in FY23, though the loss was significantly reduced from the previous year. The company’s revenue grew by 58 per cent to Rs 2,135 crore during the same period. Financial results for FY24 have yet to be filed with the Registrar of Companies.