Addressing the allegations made by MapMyIndia, Aggarwal said, “We’re not even in the map business, but there will be opportunistic players across the industry.”
He said that the company would respond (to the lawsuit) at the right time.
ET reported on July 29, that CE Info Systems, the parent company of MapMyIndia, which had provided services to Ola, has said that the latter has “copied” MapMyIndia’s proprietary data by co-mingling and reverse engineering the licensed product.
Ola Electric subsequently dismissed the claims saying, “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.”
Ola Electric's proposed IPO is a combination of a fresh issue of equity shares up to INR 5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares by promoters and investors, the prospectus showed. The SoftBank-backed e-scooter maker has set a price band of INR 72-76 for what will be the county's biggest IPO this year.
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