Ola Electric CEO Bhavish Aggarwal Enters AI Space with Krutrim SI Designs
Along with KV Tenneti, he has registered the business under the name Krutrim SI Designs
2 June 2023
Bhavish Aggarwal, CEO of Ola Electric, registers a new company named Krutrim SI Designs, signaling his entry into the computer programming and AI space.
Speculations suggest the new venture may focus on chip-making and related technologies, supported by Aggarwal's recent visit to Taiwan, a hub for AI computing systems chip manufacturers.
Ola Electric is on the verge of raising approximately $300 million in funding, with expectations of achieving profitability and expanding its presence in the EV industry.
Bhavish Aggarwal, the founder, and CEO of Ola Electric, is making headlines once again as he ventures into a new business. According to reports, Aggarwal has registered a company called Krutrim SI Designs, signaling his foray into the computer programming and artificial intelligence (AI) space. This move comes at an opportune time for Ola Electric, as the company is on the brink of raising funds for its expansion plans and preparing for a public listing next year.
Aggarwal's newly registered company, Krutrim SI Designs, was incorporated on April 15, 2023, with a paid-up capital of ₹1,00,000. Alongside Aggarwal, Krishnamurthy Venugopala Tenneti, a board member of ANI Technologies (the parent company of Ola Cabs and Ola Electric), is listed as a director. The Ministry of Corporate Affairs documents indicate that the new startup will play a crucial role in developing and supporting the operations of Ola Electric.
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Reports suggest that Aggarwal may have secured investment commitments for his AI venture from Matrix Partners, an early investor in Ola Cabs. Industry insiders familiar with the developments speculate that the new company's focus on computer programming hints at involvement in chip-making and related technologies. Aggarwal's recent visit to Taiwan, a prominent hub for AI computing systems chip manufacturers, further supports this speculation. His interest in making chips for electric vehicles (EVs) in India aligns with the growing trend of EV companies seeking alternatives to sourcing chips from Japan, North Korea, and China.
Ola Electric's expansion plans have necessitated a new round of fundraising, with expectations of raising approximately $300 million. The company's improving financial outlook, including the anticipation of breaking even and achieving profitability soon, has created a favorable environment for securing investment. Aggarwal's initiatives, such as in-house battery pack production and the increased capacity for manufacturing battery packs, demonstrate Ola Electric's commitment to becoming a major player in the EV industry.
Aggarwal's interest in AI technology extends beyond business opportunities. He believes that AI can significantly enhance productivity and create new employment opportunities for India. Contrary to fears of job replacements, Aggarwal asserts that the adoption of AI will generate fresh jobs, similar to the job growth witnessed during the introduction of computer technology in the country. His recent statement regarding AI's potential serves as a testament to his vision for leveraging technology for the nation's benefit.