Bhavish Aggarwal is said to be considering shifting the intellectual property (IP) of the Ola brand from ANI Technologies to a family office-owned holding company. This action has been questioned by ANI investors, who fear a possible dilution of value as strategic assets are shifted beyond their control.

Currently, the Ola brand is licensed by ANI to Ola Electric, generating royalty revenue. However, if the IP is transferred, ANI’s stake in the rapidly growing electric mobility sector could be jeopardized, especially since investors do not have equity in either Ola Electric or Aggarwal’s new AI venture, Krutrim.

Aggarwal owns 9% of ANI but nearly 90% of Krutrim and more than 30% of Ola Electric. He pledged 2.4% of his holding in Ola Electric worth about Rs 520 crore to fund Krutrim. ANI, on the other hand, owns 3.6% of Ola Electric worth about Rs 771 crore.

The IP transfer is just one part of a broader consolidation plan. ANI also recently transferred Ola Maps to Krutrim, valuing the asset at Rs 40 crore, sources close to the matter said.

This restructuring comes amid challenges for Ola Electric, including a slowdown in sales and widening losses, leading ICRA to downgrade its debt rating. Additionally, ANI’s valuation has plummeted from a peak of USD 7.3 billion in 2021 to approximately USD 2 billion today.