 "Ola brand IP may shift to Bhavish Aggarwal's family office amid restructure")
Ola founder Bhavish Aggarwal is set to transfer ownership of the brand's intellectual property (IP) to a new holding company under his family office, marking a key step in the broader restructuring of the Ola group, according to a report by The Economic Times.
The brand IP, currently owned by ANI Technologies and is licensed to Ola Electric. ANI Technologies is the company behind Ola’s ride-hailing operations.
Currently, Ola Electric pays a fee to use the trademark. The planned shift has triggered concerns among some ANI shareholders over the potential loss of future royalty income and weakening of strategic control.
ANI Tech, Ola Electric, Krutrim
This development is part of a larger effort by Aggarwal to consolidate control and simplify cross-holdings across his group of companies, which include ANI Technologies, electric vehicle maker Ola Electric, and AI venture Krutrim. While the three companies are operationally linked, their shareholder bases differ widely. ANI counts Warburg Pincus, Vanguard, DST Global, and Steadview as investors, who do not have exposure to Ola Electric or Krutrim.
Meanwhile, investors such as SoftBank, Temasek, Hyundai Motor, Tencent, and Alpha Wave are common to ANI and Ola Electric. Matrix Partners (now Z47) and Arun Sarin’s family office have invested in all three businesses.
Earlier this year, ANI transferred its mapping technology to Krutrim at a valuation of ₹40 crore. The movement of core assets across entities has raised fresh questions around transparency and value preservation for minority shareholders.
Aggarwal owns close to 90 per cent of Krutrim and over 30 per cent of Ola Electric, while his holding in ANI is between 8 per cent and 9 per cent, the report said. To fund Krutrim’s expansion into areas such as large language models and AI chip development, Aggarwal has pledged a portion of his stake in Ola Electric, valued at over ₹500 crore, and will route future investments through the BA Family Office.
Ola Electric financial, growth troubles
The restructuring comes at a time when capital needs are growing across verticals. Krutrim alone has announced a funding roadmap of ₹10,000 crore.
Earlier this month, ratings agency Icra downgraded debt instruments of Ola Electric Technologies, citing persistent cash burn and slower-than-expected sales of its two-wheelers. The agency warned that the company may require additional funding over the next 12–24 months.
ANI Technologies, which rebranded its ride-hailing business to Ola Consumer last year, is shifting focus to food delivery through ONDC, cloud kitchens, and a dark store-as-a-service model. It is also facing growing competition in ride-hailing from players like Rapido and Uber. The report also indicates that Ola Consumer is targeting a listing by March 2026, but those plans may now be pushed back.