Ola Electric founder and promoter Bhavish Aggarwal has pledged 10.71 crore shares — about 2.43% of Ola Electric’s equity capital — to raise debt funding for his AI startup, Krutrim Data Centre Pvt. Ltd.
- This amount also corresponds to approximately 8.09% of his personal shareholding in Ola Electric.
- The pledged shares are held in favour of Axis Trustee Services, acting on behalf of several funds including Avendus Structured Credit Fund II, Avendus Finance, InCred Credit Opportunities Fund I & II, and India Credit Opportunities Fund II.
Background & Purpose
- Krutrim is Bhavish Aggarwal’s artificial intelligence startup, focused on building a complete AI computing stack. It has been scaling with investments, launching products like LLMs, etc.
- This pledge is a way to secure debt via debentures, using Ola Electric shares as collateral. It’s a continuation of earlier pledges — including a previous non-disposal undertaking (NDU) that was disclosed in December 2024 and March 2025. Entrackr
Financial & Market Implications
| Implication | Explanation |
|---|---|
| Collateral Risk | Pledging shares means that if Krutrim fails to service the debt, the lender(s) could enforce the collateral. Shareholders may react negatively if the share price is volatile. |
| Share Price Sensitivity | News of promoter pledging shares often dampens investor sentiment, as it signals the promoter is using company equity to raise funds, which can be seen as riskier. |
| Regulatory Disclosure Requirements | Since promoter holdings are locked-in post IPO, these pledges, NDUs, etc., have to be properly disclosed under SEBI rules. Ola has made such filings. |
| Support for Krutrim’s Ambitions | Shows Aggarwal’s commitment to Krutrim; he is putting significant financial backing behind the venture, which may build confidence among investors in Krutrim. |
What to Watch Going Forward
- How Krutrim uses the funds raised via the debentures: whether they go towards product development, infrastructure (data centers), AI models etc.
- Whether the pledge affects market perception of Ola Electric’s promoter stability or increases perceived risk.
- Performance of Ola Electric shares in reaction to the pledge (especially if share price drops).
- Whether more pledges or NDUs will be made, or whether this becomes a trend for funding AI/tech ventures via promoter stakes.
