How Ola’s buyout of a group company brought tax pain to Bhavish Aggarwal
Andrew McCollum
Bhavish Aggarwal, co-founder and CEO, Ola Cabs and Ola Electric
Synopsis
Ola’s 2021 buyout of minority investors of Ola Financial Services brought capital-gains tax pain to Bhavish Aggarwal. Here’s how a nearly INR90 crore tax bill panned out for the founder, whose options got complicated by the delay in the company’s IPO.
Over the last couple of years, an unfulfilled IPO dream, the funding winter and business challenges complicated not only mobility unicorn Ola’s strategic road map, but also its founder Bhavish Aggarwal’s calculations. In the two year-period between early 2020 and early 2022, Aggarwal had taken a number of steps to lay ground work for a public listing. This meant multiple moves. An aggressive push to diversify beyond the core cab hailing was the
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