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Bhavish Aggarwal is reportedly planning to transfer the intellectual property (IP) rights for the Ola brand to a new holding company controlled by his family office.
The IP is currently held by ANI Technologies.
An ET report, citing sources close to the matter, said that the proposed transfer has raised concerns among ANI investors, who fear losing out on the royalty income.
Inc42 has reached out to Ola for comments on the development. The story will be updated based on the response.
ANI Technologies operates the group’s ride-hailing business and the brand IPs. Notably, Ola’s electric vehicle arm Ola Electric licences the brand IPs from ANI Technologies for a fee.
The development comes at a time when Ola Maps was reportedly transferred from ANI to Krutrim AI with its assets valued at INR 40 Cr.
The Ola group consists of ANI, Ola Electric and AI unicorn startup Krutrim. All the three entities have overlapping but separate shareholding bases.
Notably, Ola Electric was initially established as a subsidiary of ANI Technologies. However, in 2017, the former was separated from the promoters group and was established as a separate entity.
Ola’s Rough Road
The development comes at a time when Ola is facing several regulatory hurdles. For instance, transport authorities have raided several Ola Electric showrooms across Maharashtra, Punjab and Madhya Pradesh and seized dozens of vehicles due to alleged compliance violations in the past few months.
Besides, the company has also been alleged of wrongfully inflating its market share by counting bookings of electric scooters and motorcycles that have not even been rolled out yet in its February sales. However, the company claimed that the February sales numbers reflected genuine customer orders backed by full payments and not just bookings.
Ola Electric recently declined a report suggesting that SEBI is probing the electric mobility startup over allegations of insider trading.
There were also reports suggesting that Aggarwal is eyeing an investment of $300 Mn (around INR 2,561 Cr) in a mix of equity and debt for Krutrim. However, the company declined the claim.
The post Bhavish Aggarwal Plans To Shift Ola Brand IP To Family Office: Report appeared first on Inc42 Media.
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