AI Startup Founded by Ola’s Creator Reaches Unicorn Status with $50M in Funding

Krutrim, an AI startup founded by Ola founder Bhavish Aggarwal, said it has raised a funding round that values it at $1 billion. It’s also the first Indian AI startup to become a unicorn, it said. Matrix Partners India — which has also backed Aggarwal’s other two startups, ride-hailing firm Ola and EV startup Ola Electric — led the $50 million “first round” in Krutrim, it said Friday. The startup plans to launch a conversational AI assistant that understands and speaks multiple Indian languages, the startup said. The startup plans to make a beta version of its eponymous chatbot available to consumers next month and follow it with rolling out APIs to developers and enterprises.

Krutrim: India’s Fastest Unicorn AI Startup

Krutrim is a trailblazing AI startup founded by Bhavish Aggarwal, the driving force behind Ola, India’s leading ride-hailing firm. In just one year, the company became a unicorn, valued at a staggering $1 billion. This achievement makes it the fastest unicorn in India, according to a recent press statement. It’s also the first Indian AI startup to reach this milestone.

This success is in large part thanks to the backing of Matrix Partners India, which has also invested in Aggarwal’s other startups, Ola and Ola Electric. The initial round of funding for Krutrim amounted to a whopping $50 million, with talks of raising even more for this revolutionary AI venture.

So, what exactly is Krutrim working on? The company is focused on creating a massive language model, trained on a range of local Indian languages in addition to English. Their ultimate goal is to launch a conversational AI assistant that understands and speaks multiple Indian languages.

The team at Krutrim has been hard at work and plans to release a beta version of their chatbot to consumers next month. They will then roll out APIs to developers and enterprises in the following months. This ambitious project has the potential to greatly benefit and bridge linguistic barriers in India and beyond.

This is not Aggarwal’s first foray into the business world. Ola, his first venture, has become the leader in India’s ride-hailing market and is on the path to profitability. Ola Electric, his second venture, is also making waves in the two-wheeler EV market in India. Most recently, the company filed for a $662 million initial public offering.

Aggarwal expresses his enthusiasm for Krutrim, stating, “India must develop its own AI solutions, and at कृत्रिम [Krutrim], we are fully dedicated to building the country’s first comprehensive AI computing stack.” The success of the company’s first funding round is not only a testament to the potential of their innovative AI solutions, but also a testament to the confidence investors have in their ability to drive meaningful change not just in India, but for the rest of the world.

Krutrim’s accomplishments come at a time when investors worldwide are eagerly seeking out AI breakthroughs, anticipating that advancements in this field will revolutionize countless industries and lead to exceptional returns for pioneering startups.

Despite being home to one of the largest startup ecosystems in the world, India has yet to make a significant impact in the AI race. While Indian contenders have yet to emerge to challenge the dominance of giants like OpenAI’s ChatGPT, Amazon-backed Anthropic, or Google’s Bard, there are promising developments on the horizon.

In September, Indian powerhouse Reliance announced a partnership with Nvidia to develop a large language model trained on India’s diverse languages. Led by Mukesh Ambani, Asia’s wealthiest individual, this company has yet to launch its offering.

This is just the beginning for Krutrim, stay tuned for more updates and breakthroughs from this pioneering AI startup.