The shares of this EV company, primarily engaged in manufacturing electric vehicles and its core components gained attention on Friday after its founder made the second and final pledge of ~6 crore shares.
Stock Performance
With a market capitalization of Rs 25,004.99 crore, Ola Electric Mobility Ltd went up by 1 percent in Friday’s trading session and made a high of Rs 56.94 per share compared to its previous closing price of Rs 56.40 per share. The stock retraced from its day’s high and was trading at Rs 56.69 which is a slight increase compared to the previous close.
What Happened
As per a regulatory filing on March 6, Ola Electric founder Bhavish Aggarwal has pledged an additional 5.88 crore shares to secure funding for his AI startup, Krutrim. This marks his second and final pledge for the new venture.
Earlier, in December 2024, he pledged 1.1 percent of Ola Electric’s stake, bringing the total pledged value to approximately Rs 603 crore. The shares are pledged in favor of Axis Trustee Services Limited on behalf of Avendus and InCred funds. This is a non-disposal undertaking, meaning Aggarwal retains ownership but cannot sell or transfer the shares.
Founder Holding
Bhavish Aggarwal has pledged about 2.43 percent of Ola Electric’s total shares, equivalent to 8.09 percent of his personal stake. As of March 7, he holds over 30 percent of the company.
Aggarwal’s AI Startup
Krutrim, meaning ‘artificial’ in Sanskrit, is engaged in developing a full AI computing stack. Valued at USD 1 billion in January, it raised USD 50 million led by Matrix Partners India, an early backer of Ola. On February 4, Bhavish Aggarwal announced a Rs 2,000 crore investment, with Rs 10,000 crore planned by next year.
Company Overview
Founded in 2017, Ola Electric Mobility is an Indian EV manufacturer based in Bangalore, Karnataka. The company designs and produces electric two-wheelers, including the Ola S1 series, Roadster series and many more.
Financial Performance
In terms of its financial performance, the company reported a 19 percent YoY decrease in sales from Rs 1,296 crore to Rs 1,045 crore. The company’s net loss now stands at Rs 564 crore as compared to Rs 376 crore last year.
Written by Shwetha Sairam
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