Bhavish Aggarwal commits 5.88 Cr Ola Electric shares to secure funding for Krutrim
Bhavish Aggarwal had earlier pledged 1.1% shares of Ola Electric's stake to raise funds for Krutrim in November 2024.
Ola Electric founder Bhavish Aggarwal has pledged an additional 5.88 crore shares of the company to secure funding for Krutrim Data Centre in February.
Besides this, Aggarwal had earlier pledged 1.1% shares of Ola Electric's stake to raise funds for Krutrim in November 2024. With the new pledge, the CEO has pledged a total of 2.43% of Ola Electric's total shares, which is equivalent to 10.72 crore shares or 8.09% personal stake in the company. Aggarwal owns around a 30.02% stake in Ola Electric.
In a stock exchange filing on Thursday, the company said the shares are pledged in favour of Axis Trustee Services on behalf of Avendus Structured Credit Fund II, Avendus Finance Private Limited, Incred Credit Opportunities Fund I and II, and India Credit Opportunities Fund II.
Ola Electric was trading at Rs 56.53 apiece on Friday on the BSE at the time of publishing.
Last month, Aggarwal announced an investment of Rs 2,000 crore into Krutrim via equity and debt, and a commitment of Rs 10,000 crore by next year.
Krutrim, Ola's AI venture, also launched an AI lab with large language models (LLMs ) Krutrim-2 and Krutrim 1, multilingual vision language model Chitrarth-1; speech LLM Dhwani-1, Krutrim Translate for text-to-text translation, and evaluation platform BharatBench.
On Wednesday, the electric vehicle (EV) maker said it received a Rs 73.74 crore incentive under the Indian government's production-linked incentive for automobile and auto components (PLI-Auto) scheme.
Earlier in January, the company launched its Gen 3 electric scooter range under the S1 portfolio. With a total of eight scooters, the Gen 3 portfolio includes S1X, S1X+S1 Pro and S1 Pro+, and the new and improved range runs on the company’s latest MoveOS 5 operating system.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)