Ola Electric’s Unveiled Sales: Over 8,200 Escooters Find a Home with ANI Technologies

Navigating the Uncharted Terrain: Related Party Transactions and the IPO Journey of Ola Electric


In a recent revelation, Ola Electric, led by Bhavish Aggarwal, has disclosed that it sold over 8,200 electric scooters to its promoter group entity, ANI Technologies, between April 2022 and December 2023. The scooters were primarily acquired to support ANI Technologies’ various services, including ebike operations and parcel delivery. Despite this significant transaction, the details were conspicuously absent from Ola Electric’s Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of over INR 7,000 Crores.

The ANI Technologies Connection:

ANI Technologies, the parent company of Ola Cabs, not only operates as a ride-hailing major but also oversees various subsidiaries. Ola Electric’s escooters found a purpose within ANI Technologies for services such as ebike transportation and parcel deliveries. Sources suggest that the actual number of escooters sold to Ola Cabs and its subsidiaries might exceed 12,000 units between April 2022 and December 2023.

Absence in DRHP:

Curiously, the aforementioned transactions were noticeably absent from Ola Electric’s DRHP, which was submitted to SEBI in December of the previous year. The DRHP provided a comprehensive overview of Ola Electric’s financial status up to June 30, 2023, but lacked specific details regarding the sales to ANI Technologies.

Implications and Transparency Concerns:

This revelation raises questions about transparency and disclosure practices in related party transactions, especially when a company is gearing up for a significant IPO. Investors and stakeholders often rely on these documents to make informed decisions about a company’s financial health and performance.

It remains to be seen whether the omission was an oversight or a strategic decision. However, in the context of increasing scrutiny on corporate governance, such oversights could potentially impact investor confidence.


The disclosed sale of over 8,200 escooters to ANI Technologies by Ola Electric sheds light on the intricacies of related party transactions within corporate entities. As Ola Electric continues its journey towards an IPO, the incident prompts a closer examination of disclosure practices and transparency within the corporate landscape, urging companies to provide comprehensive and accurate information for the benefit of investors and stakeholders alike.

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