Aggarwal owns a 30.02% share of Ola Electric, which amounts to 132.3 crore shares. Out of these, he has pledged 4.8 crore shares, with a total value of approximately Rs 451 crore, calculated at the closing share price of Rs 93.26 for the electric two-wheeler manufacturer on Monday.
Bhavish Aggarwal, founder of Ola Electric, has pledged a 1.1% stake in the company from his personal holdings to support his artificial intelligence startup, Krutrim AI. Aggarwal engaged in a non-disposal undertaking with Axis Trustee Services and Krutrim Data Centre to secure debentures issued by Krutrim. This legal agreement prevents the sale or transfer of the pledged assets, which include 48 million shares of Ola Electric valued at approximately Rs 450 crore, based on the recent closing share price of Rs 93.260.
Aggarwal’s total stake in Ola Electric is 30.02% or over 1.32 billion shares. The shares are under lock-in due to regulations set by the Securities and Exchange Board of India for newly listed companies. Following the lock-in period, further pledges will be made and disclosed in accordance with applicable laws.
In addition to his financial manoeuvres, Aggarwal announced last August that Krutrim AI would launch its first AI chip, Bodhi 1, in 2026, with a second chip, Bodhi 2, set to follow two years later. The startup is also developing the Sarv 1 and Ojas chips and is collaborating with Arm and Untether AI to produce CPUs, AI chips, platforms, and systems. Plans are underway to expand data centre capacity to 1 GW by 2028 to bolster AI and cloud initiatives.
Meanwhile, Ola Electric is experiencing a downturn in the electric two-wheeler market, with its share dropping to 24.8% in November and vehicle registrations falling by 30%. Issues with service quality and increasing customer complaints have negatively affected the company’s stock price and market valuation.
Despite these issues, Citi Research recently initiated coverage of Ola Electric with a “Buy” rating and a target price of Rs 90, noting potential improvements in service quality as the supply chain stabilizes. Ola Electric is also broadening its product lineup with the launch of new electric scooter models, the S1 Z and Gig, aimed at gig economy workers and cost-conscious consumers in India.
