The capital infusion into Ola Electric is the latest example of how Aggarwal has established firm control over its subsidiaries.
Ola founder Bhavish Aggarwal’s stand against SoftBank has come at a cost: a delay in fund-raising and a lower-than-expected increase in valuation.
Earlier, Bansal would have received cash from Walmart for over half of his 4-4.5% Flipkart stake worth over $850 million after August 2020.
Q & A
The company has so far raised over $100 million from investors including Accel Partners, Sands Capital and Tiger Global.
While Myntra has been growing fast, Jabong has struggled to expand sales this year.
Until now, Myntra, while being a wholly owned unit of Flipkart, has operated completely independently.
Bansal said he would continue to hold his substantial stake in Flipkart and remain a member of its board.
In May, Walmart agreed to buy a 77% stake in online retailer Flipkart for $16 billion.
At least half a dozen new mobility startups in India—including Rapido, Ather Energy, Bounce and Vogo—are in funding talks to raise large amounts o
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