Ola founder Bhavish Aggarwal
| Photo Credit:
cueapi
Ola Electric promoter has pledged 2.43 per cent of the equity share capital of the company to raise funds for Krutrim Data Centre, according to a stock exchange filing. The pledged shares account for 8.09 per cent of the promoter’s holdings in the EV maker.
The pledge, created in favour of Axis Trustee Services on behalf of Avendus, InCred and India Credit Opportunities funds, replaces an earlier non-disposal undertaking (NDU) disclosed in December 2024 and March 2025.
“Pursuant to the expiry of the lock-in over certain Promoter Shares (in excess of the minimum Promoter’s contribution) under the provisions of regulation 16(1)(b) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Promoter has now has created a pledge (“Encumbrance”) over 10,71,70,404 equity shares of the Target Company comprising of 2.43 per cent of the equity share capital of the Target Company, which constitute 8.09 per cent of the Promoter Shares, in favour of Axis Trustee Services Limited (on behalf of and for the benefit of: (a) Avendus Structured Credit Fund II, (b) Avendus Finance Private Limited, (c) Incred Credit Opportunities Fund I, (d) Incred Credit Opportunities Fund II, and (e) India Credit Opportunities Fund II and/or each of their transferee(s), from time to time),” said the company in a filing.
The company also added that the shares will be released upon completion of the pledge creation process.
Ola founder Bhavish Aggarwal, in February, had announced a ₹2,000 crore investment in his artificial intelligence venture Krutrim with a commitment to step it up to ₹10,000 crore by next year, and said the start-up is releasing its AI models to the open-source community.
This comes at a time when the shares of Ola Electric are up approximately 43.23 per cent in the last month as of September 11, 2025.
Ola Electric Mobility reported a consolidated net loss of ₹428 crore for the quarter ended June 30, 2025, a 23 per cent increase from ₹347 crore in the same period last year. Revenue from operations fell sharply by 49.6 per cent year-on-year to ₹828 crore. Ola Electric shares closed at ₹57.9, down by 2.28 per cent at BSE.
Published on September 11, 2025
