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Indian emobility giant Ola Electric may be looking at a legal battle brewing out of the acquisition of Amsterdam-based electric vehicles (EV) startup Etergo BV, which had to undergo a fire sale or face bankruptcy.
Etergo was a crowdfunded initiative that raised millions of euros in two crowdfunding rounds. But after raising around €21 Mn ($24.8 Mn) in equity financing from more than 6,000 individual investors, the company got sold to Ola Electric for €3.75 Mn valuation.
More than 900 investors who put their money into Etergo through crowdfunding campaigns are now in the process of filing a lawsuit in a European court to recover their money from Etergo and its current owner Ola…