Bhavish Aggarwal, founder of Ola Electric, pledged 20 crore shares, representing 4.32% of the company, on September 30 to secure non-convertible debentures issued by Krutrim Data Centre, an AI infrastructure firm he founded in 2023. This pledge is larger than his previous 3.93% stake pledge used to raise ₹260 crore in late 2024, according to inc42.com.
Between November 2024 and March 2025, Aggarwal had pledged Ola Electric shares to raise debt for Krutrim Data Centre. In December 2025, he sold 3.93% of his Ola Electric stake to repay the ₹260 crore loan and release those shares. However, the recent pledge of 20 crore shares is tied to funding his subscription to Ola Electric’s upcoming ₹1,000 crore rights issue. CTL Trusteeship holds the pledge on behalf of the debenture holders. Neither the loan amount nor further financial details have been disclosed.
This move highlights the financial balancing act Aggarwal is undertaking to support both Ola Electric and Krutrim Data Centre without relinquishing control of his ventures. The pledge is larger than the previous one, indicating increased funding needs for Krutrim Data Centre’s AI infrastructure ambitions. Ola Electric has clarified that no shares are being sold in the process and that Aggarwal will invest on the same terms as other shareholders in the rights issue. This development follows a broader trend of tech entrepreneurs leveraging stakes in established companies to fund emerging ventures.
Ola Electric’s ₹1,000 crore rights issue, to which Aggarwal’s pledged shares relate, is scheduled soon, marking a key event for both companies. The pledge of 20 crore shares, held by CTL Trusteeship, underscores the financial structuring behind this capital raise, as detailed by inc42.com.