Jul 31, 2024 02:27 PM IST
CE Info Systems, the parent company of MapMyIndia alleged that Bhavish Aggarwal’s Ola ‘copied’ its data for creating Ola Maps.
Founder Bhavish Aggarwal addressed a notice from MapMyIndia which alleged that Old ‘copied’ its data for creating Ola Maps. Bhavish Aggarwal said, “It is opportunistic of MapMyIndia; there are opportunistic players everywhere. We will respond to them at the right time.” Ola Electric is not involved in the mapping business, he stressed saying that the company is prepared to address the situation as needed.
Read more: MapMyIndia alleges Ola ‘copied’ its data for building Ola Maps, sends legal notice: Report
On Ola Electric’s upcoming IPO, Bhavish Aggarwal said, “We wanted to ensure that the pricing was set at a level that would generate significant excitement among investors.”
He also said, “We haven’t confirmed or denied plans to pause car production. Our current focus is on two-wheeler manufacturing, with our next step being motorbikes. Our primary goal is to build a robust ecosystem for electric vehicle production, which remains our main priority.”
Ola Electric Mobility’s initial public offering (IPO) will open for subscription on August 2 with a price band of ₹72-76 apiece. Those who subscribe to the issue need to apply in a lot size of 195 equity shares and its multiples thereafter. The IPO will close on August 6 and the shares of the company will be listed on both BSE and NSE likely on August 9.
What MapMyIndia claimed in its notice to Ola?
MapMyIndia alleged that Ola Maps was built by caching and saving MapMyIndia’s data and co-mingling and reverse engineering the licensed product that was signed in 2021.
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What has Ola said on MapMyIndia’s notice?
An Ola Electric spokesperson denied the allegations and told Hindustan Times, “We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly.”
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What was the agreement signed between Ola and MapMyIndia?
Ola Electric signed an agreement with CE Info Systems for using data in June 2021. CE Info Systems said in the legal notice that co-mingling and reverse engineering were prohibited in the agreement.