Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt

Ola Electric’s founder Bhavish Aggarwal has pledged his Ola Electric shares to raise debt funding (via issuing debentures) for its artificial intelligence startup Krutrim SI Designs.

Bhavish Aggarwal, the promoter, entered into an agreement with Axis Trustee and Krutrim Data Center Private Limited on November 23. The agreement aims to provide assurance regarding certain debentures issued by Krutrim Design, Ola Electric’s internal document accessed by Entrackr show.

As per the document, Bhavish Aggarwal held 132.39 crore shares of Ola Electric, accounting for 30.02% of the company. He pledged 4.83 crore shares, representing 1.10% of Ola Electric's equity or 3.65% of his total shareholding, as an encumbrance.

Entrackr has reached out to Ola Electric for more details.

Artificial intelligence startup Krutrim SI Designs has raised around $75 million to date and entered into a coveted unicorn club this year. Its investors include Z47 (formerly Matrix), Sarin Family, and others.

On Monday, Aggarwal revealed plans to open 4,000 Ola Electric stores in December. Ola Electric is currently trading at Rs 91.79 with a total market capitalization of 40,487 crore (approximately $4.82 billion).

In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1, 214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.