Noida, India – In a dramatic turn of events ahead of its much-anticipated IPO, Ola Electric, the electric two-wheeler giant founded by Bhavish Aggarwal, is facing serious allegations from CE Info Systems, the parent company of MapMyIndia. CE Info Systems has accused Ola Electric of illegally copying and using its proprietary data to develop Ola Maps, a direct competitor to MapMyIndia.
According to a Forbes India report, CE Info Systems has served a legal notice to Ola Electric, claiming the company duplicated its API and SDKs to build its mapping platform. The notice further alleges that Ola Electric’s claim of developing Ola Maps solely through open map data is “factually incorrect and not tenable.”
The two companies had previously inked an agreement in June 2021, which explicitly prohibited data co-mingling and reverse engineering. However, CE Info Systems alleges that Ola Electric has blatantly disregarded these terms by engaging in “unscrupulous and illegal activities.”
This legal battle comes at a critical juncture for Ola Electric, as the company is gearing up for its IPO, scheduled from August 2 to 6. The IPO, with a price band of Rs 72-76 per share, is expected to be one of the largest in India this year and will mark a historic milestone as the first EV two-wheeler listing on the stock exchange. The listing is anticipated on August 9.
The allegations of data theft could potentially cast a shadow over Ola Electric’s IPO, as investors are likely to scrutinize the company’s business practices and legal risks. The outcome of this legal dispute could have far-reaching implications for both companies, with potential ramifications for the broader technology and automotive industries.
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