Pledge, Sell, Pledge Again: Bhavish Agarwal & Ola Electric’s Dilemma

For close to two years, Bhavish Aggarwal has been stuck between a rock and a hard place. All to keep Ola Electric and his other ventures going without giving up control of the company he built. Between November 2024 and March 2025, Aggarwal pledged Ola Electric shares to raise debt for Krutrim Data Centre , the AI infrastructure and services company that he founded in 2023.