India, June 5 -- Ola Electric founder and chief executive Bhavish Aggarwal has reportedly paid around INR 20 Cr ($2.3 Mn) in cash to top up collateral for borrowings against shares on back of a sustained decline in share price.

Aggarwal had raised INR 250 Cr for his third unicorn and AI platform Krutrim by pledging Ola Electric shares in December. A few months later, he pledged an additional 5.88 Cr shares of the EV major to raise more debt for Krutrim.

Aggarwal has been putting in extra money since March as the shares dipped below INR 50 apiece, a Bloomberg report said. However, the value of the stock's collateral is more than twice the borrowed amount and no margin calls were triggered, sources told the news agency.

If the value of t...