Bhavish Aggarwal Plans Ola Group Restructuring, Investors Concerned Over IP Transfer to Family Office

Bhavish Aggarwal plans to restructure his group companies, with the intellectual property (IP) rights for the Ola brand, currently held by ANI Technologies, expected to be transferred to a new holding company controlled by his family office, the Economic Times reported.

The proposed transfer has raised concerns among ANI Technologies’ investors, who fear that their value may erode as critical assets are moved out of reach. If the IP is transferred, ANI’s position in the rapidly growing electric transportation business could be reduced, especially since investors have no equity in Ola Electric or Aggarwal’s new AI firm, Krutrim.

Bhavish Aggarwal owns only 9% of ANI but holds over 30% of Ola Electric and nearly 90% of Krutrim. To support Krutrim, he contributed 2.4% of his Ola Electric stake, valued at approximately ₹520 crore. In contrast, ANI holds a 3.6% stake in Ola Electric, valued at ₹771 crore.

The planned ownership change has raised concerns about the complex cross-holding of assets within the Ola ecosystem. The group’s entities ANI Technologies, Ola Electric and AI startup Krutrim—share overlapping yet distinct stakeholder bases.

For instance, Ola Maps was recently transferred from ANI to Krutrim, with an asset value of ₹40 crore, according to sources familiar with the deal.

The restructuring coincides with challenges at Ola Electric and delays in ANI’s public listing. Ola Electric has experienced slowing sales, increasing losses and a recent downgrade in its debt rating by ICRA. Meanwhile, ANI’s valuation has declined from a peak of US $7.3 billion in 2021 to approximately US $2 billion currently.

Ola Insider Trading Allegations

Bhavish Aggarwal-led Ola Electric has refuted media reports alleging that the Securities and Exchange Board of India (SEBI) initiated a probe into the electric-vehicle startup over suspected insider trading. In an exchange filing on Friday, the EV maker labelled the claims as “factually inaccurate.”

“We would like to bring to your attention that the story titled ‘Ola Electric Likely In SEBI Crosshairs Over Alleged Insider Trading’ contains factual inaccuracies that could potentially harm the reputation of Ola Electric Mobility Limited,” the filing stated.

According to an NDTV Profit report, SEBI is allegedly investigating Ola Electric for two suspected instances of insider trading that occurred between October and December 2024.