Debt financing
Ola Electric’s Bhavish Aggarwal pledges 5.88 Cr shares to raise debt for AI startup Krutrim
Bhavish Aggarwal (founder, Ola Electric) has pledged an additional 5.88 crore shares of his stake in Ola Electric to raise additional debt for Krutrim , an artificial intelligence startup. This follows a recent pledge of 4.83 crore shares (around 1.10% of Ola Electric) that was made three months earlier.These securities were issued to multiple financial entities, including Avendus Structured Credit Fund II, Avendus Finance Pvt Ltd, Incred Credit Opportunities Fund I and II, and India Credit Opportunities Fund II.With this latest pledge, Aggarwal has now pledged a total of 2.43 % of Ola Electric’s shares (8.09%) of his personal stake in the company to raise capital for Krutrim.Founded in 2023, Krutrim is a generative AI (GenAI) firm offering AI cloud services, and advanced AI models.
Between July 2023 and Oct 2023, Krutrim had attracted about USD 74 M from Arun Sarin Family, and Z47.
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