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Ola Founder Bhavish Aggarwal Pledges Shares for Krutrim Data Centre Loan
Ola founder Bhavish Aggarwal has pledged 1.10% of his stake in Ola Electric as collateral for a loan to Krutrim Data Centre Private Limited.
This amounts to 48.35 million shares, representing 3.65% of his total holding in Ola Electric, valued at approximately ₹450 crore based on recent market prices.
Under SEBI regulations, these shares are locked-in and cannot be sold without prior approval, and the pledge will remain until the debentures are repaid.
Krutrim Data Centre Expansion
Krutrim Data Centre, part of the AI-focused Krutrim SI Designs, is preparing for the launch of its cloud services in Q1 FY25. The company plans to expand its data centre capacity to 1 GW by 2028 and has invested ₹1.5 crore in innovative cooling technologies to improve energy efficiency.
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Krutrim is also developing three custom chip families—Bodhi for AI, Sarv for general computing, and Ojas for edge processing.
Although Krutrim reported a ₹2.84 crore loss in its first financial year, it anticipates future revenue growth from its advanced AI and computing initiatives.
In February 2024, Krutrim unveiled three new chip families designed for AI and computing applications: Bodhi for AI tasks, Sarv for general computing, and Ojas for edge processing.
The company has also invested Rs 1.5 crore into a trial project focused on advanced cooling techniques aimed at reducing energy consumption in data centers.
Krutrim is exploring methods like liquid immersion and DLC servers to improve cooling efficiency and save energy. Despite reporting no revenue in its first financial year and a loss of Rs 2.84 crore, Krutrim, India's fastest-growing unicorn, earned Rs 3.05 crore in interest income for FY24, helping to offset some of the losses.
The company expects these losses as part of its strategy to lay the foundation for future revenue growth.
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