A chunk of the $1 billion that Flipkart co-founder Sachin Bansal pocketed while exiting the e-commerce firm last year seems to be flowing back to India’s startup ecosystem.

And Ola, India’s largest cab aggregator, is his first big investment.

Bansal has invested an additional $71 million (around Rs500 crore) in the Bengaluru-based company, according to a declaration filed with the registrar of companies on Feb. 19. This is a top-up over the $21 million he pumped in last month.

Ola on Tuesday announced that it has raised funds from Flipkart co-founder Sachin Bansal. The latest investment is touted to be in Bansal's personal capacity as an investor. It is also notably the largest investment in Ola by an individual. Further, the new funding is a part of Ola's larger Series J funding round. Bansal exited Flipkart back in May last year -- just days after Walmart acquired 77 percent stake in the e-commerce major.

“I have known (Ola founder) Bhavish (Aggarwal) 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 eight years! I am personally thrilled to be part of the Ola journey and I look forward to contributing to their success,” Bansal said in a statement.

Bansal and Ola’s co-founders have worked together in the past. In 2016, Bansal and Aggarwal joined hands to lobby with the government against their global rivals, Amazon and Uber, voicing concerns of a non-level playing field. They also set up an industry body, IndiaTech.org in September 2017, to represent local internet companies.

Sachin Bansal, 37, who founded Flipkart over a decade ago with Binny Bansal, had quit the digital retail behemoth after the US-based retail titan had picked up a 77 per cent stake in the Bengaluru-based online retail company for USD 16 billion in May 2018. It was reported that Sachin Bansal received USD 1 billion by selling his 5 per cent stake in Flipkart. According to the report, the billionaire has been evaluating a series of options including that of building a bank.

As per the banking regulator norms, to be eligible for a banking licence, the promoters must bring in equity of at least Rs 500 crore and have the experience of successfully running a business venture for at least 10 years.