Ola Electric founder Bhavish Aggarwal has stepped up to back the company’s upcoming Rs 1,000 crore rights issue, pledging a 4.32% stake in the EV maker to fund his participation.

The move comes days after Ola Electric’s board greenlit the plan to raise fresh capital through partly paid-up shares and appointed Deepa Bansal as its new compliance chief to bolster governance.

According to stock exchange filings on Sunday, Aggarwal pledged 20 crore shares against non-convertible debentures issued by Krutrim Data Centre Private Limited—a non-operative promoter entity owned by Aggarwal—to CTL Trusteeship Limited. The company clarified that no shares are being sold, no other pledges exist on his holdings, and Aggarwal will subscribe to the issue on the same terms as all other shareholders.

Unlike many tech founders whose ownership dilutes quickly after going public, Aggarwal and his promoter group still hold about a third of Ola Electric. By subscribing to his share of the rights issue, Aggarwal ensures his ownership stake stays intact once the new shares hit the market.

The fresh cash push arrives at a high-stakes moment for the Bengaluru-based EV manufacturer. Sharper competition from legacy brands like TVS Motor, Bajaj Auto, and Hero MotoCorp, along with rival Ather Energy, recently dragged Ola Electric down to fifth place in monthly vehicle registrations. In Q1 FY27, revenue fell to Rs 455 crore from Rs 828 crore a year earlier, though losses narrowed to Rs 336 crore.

Having raised Rs 780 crore through a qualified institutional placement in June, the Rs 1,000 crore rights issue gives Ola Electric another balance-sheet cushion as it works to defend its market position.

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