Bhavish Aggarwal infuses ₹20 crore to top up Ola Electric share collateral amid stock slide
Bhavish Aggarwal, founder and CEO of Ola Electric Mobility Ltd., has infused around ₹20 crore (approx. $2.3 million) in cash to shore up collateral for a loan against his shareholding in the company, Reuters reports. The move comes as Ola Electric's stock price continues to decline, weighed down by disappointing sales and mounting losses.
According to sources familiar with the matter, Aggarwal had raised ₹250 crore earlier this year by pledging his Ola Electric equity to fund his generative AI startup, Krutrim Data Center Pvt.. As the stock slid below ₹50 — a steep fall from its listing price of ₹76 in August 2023 — Aggarwal voluntarily topped up the collateral to maintain cushion, even though no margin call was triggered. The collateral reportedly remains more than double the loan amount.
Ola Electric Faces Investor Scrutiny
The SoftBank-backed e-scooter company has seen its shares fall by around 35 per cent since debut, driven by a mix of poor sales performance, governance concerns, and widening quarterly losses. The company recently reported that its losses have more than doubled, further shaking investor confidence.
Recently, Hyundai Motor Co. and Kia Corp. reduced their stakes in Ola Electric, amid growing uncertainty around the firm's financial and regulatory outlook.
Strategic Funding Amid Market Volatility
Aggarwal's cash infusion underlines his continued backing of both Ola Electric and Krutrim, while also signaling a proactive attempt to shield his AI ambitions from volatility in the public markets.
The episode highlights the risks associated with equity-backed loans in a turbulent market, especially as founders diversify into new ventures while their flagship companies face operational and financial headwinds.>
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