Bhavish Aggarwal, the visionary entrepreneur behind Ola Cabs and Ola Electric, has recently made headlines again with the incorporation of a new company named Krutrim Si Designs Private Limited. According to documents filed with the Ministry of Corporate Affairs (MCA), Aggarwal established the company in April, appointing Krishnamurthy Venugopala Tenneti as the sole additional director.
Speculations are rife about the nature of Krutrim Si Designs’ operations, with sources suggesting that it will focus on the burgeoning field of artificial intelligence (AI). Furthermore, reports indicate that the company is set to secure a fresh round of funding, with Ola’s early investor, Matrix Partners, already expressing interest.
This development follows closely on the heels of Ola Electric’s recent achievement in securing a substantial $300 million investment from a leading sovereign fund. Despite initial challenges such as fire incidents and complaints about after-sales service, Ola Electric has successfully established itself in the electric two-wheeler market and remains a frontrunner in terms of sales. In fact, the company witnessed a remarkable surge in registrations, with a 29% increase from the previous month.
It is worth noting, however, that Aggarwal’s entrepreneurial journey has had its fair share of setbacks. Ola Cabs’ venture into the quick commerce segment, Ola Dash, was discontinued last year, while Ola Cars, a used car selling marketplace, met a similar fate within eight months of its launch. Additionally, Ola’s foray into the food delivery business through the acquisition of FoodPanda resulted in underwhelming performance, leading to its withdrawal from the Indian market and employee layoffs.
Considering Aggarwal’s mixed track record, the success of his latest endeavor, Krutrim Si Designs, remains to be seen. Nevertheless, with Aggarwal’s proven ability to disrupt industries and his commitment to innovation, many will be eagerly watching to see how this new venture unfolds.
