Days after MapMyIndia sued Ola Electrical for allegedly stealing its knowledge, the EV startup’s founder and chief government Bhavish Aggarwal has defended his agency. The lawsuit was filed simply days earlier than Ola Electrical is about to drift its preliminary public providing (IPO) on Friday.
Addressing the allegations made by MapMyIndia, Aggarwal mentioned, “We’re not even within the map enterprise, however there will likely be opportunistic gamers throughout the trade.”
He mentioned that the corporate would reply (to the lawsuit) on the proper time.
ET reported on July 29, that CE Information Techniques, the guardian firm of MapMyIndia, which had offered companies to Ola, has mentioned that the latter has “copied” MapMyIndia’s proprietary knowledge by co-mingling and reverse engineering the licensed product.
Ola Electrical subsequently dismissed the claims saying, “We wish to state unequivocally that these allegations are false, malicious and deceptive. Ola Electrical stands by the integrity of its enterprise practices. We are going to suitably reply to the discover shortly.”
Ola Electrical’s proposed IPO is a mix of a recent concern of fairness shares as much as INR 5,500 crore and a proposal on the market (OFS) of 8.49 crore fairness shares by promoters and buyers, the prospectus confirmed. The SoftBank-backed e-scooter maker has set a worth band of INR 72-76 for what would be the county’s greatest IPO this yr.
