Bhavish Aggarwal is planning to transfer Ola’s intellectual property rights to a new holding company controlled by his family office, as reported by the Economic Times. However, ANI Technologies is the current holder of the IP.
Investors in fear over IP transfer
According to ET’s report, the ANI investors are in fear of losing out on the royalty income due to the proposed transfer of the intellectual property.
Also, ANI Technologies operates the Ola business and the IP’s for the brand. Above all, Ola’s electric vehicle arm, Ola Electric, licenses the brand’ IP for a fee from ANI Technologies.
Notably, the IP transfer news is followed by the transfer of Ola Maps from ANI to Krutrim AI, with its assets valued at Rs 40 crore. There are three entities: ANI, Ola Electric and Krutrim (AI unicorn startup), all with separate shareholding bases in the Ola group.
In the initial stage, Ola Electric was founded as a subsidiary of ANI Technologies. However, in 2017, Ola Electric was separated from the group of promoters and was established as a separate entity.
Allegations on Ola
Amid increasing regulatory scrutiny, including recent raids on its showrooms in Maharashtra, Punjab, and Madhya Pradesh due to alleged compliance issues, Ola is also grappling with accusations of inflating its market share.
These allegations stem from the inclusion of pre-launch electric scooter and motorcycle bookings in its February sales figures, a claim the company vehemently denies, asserting the numbers represent confirmed, fully paid orders.
As per the media reports, Ola Electric has dismissed reports of a SEBI investigation into alleged insider trading, and claims regarding CEO Bhavish Aggarwal’s purported $300 million investment in Krutrim have also been refuted by the company.