Krutrim SI Designs, a newly established company by Bhavish Aggarwal, the founder of Ola, is reportedly in discussions to secure funding, according to sources familiar with the matter as told to Entrackr.
Funding Details and Investor Commitment
Sources indicate that Krutrim SI Designs has received commitments from several investors for its funding round. “Krutrim SI Designs is aiming to raise a minimum of $50 million, potentially reaching up to $100 million,” one source disclosed, preferring to remain anonymous. “Matrix has pledged an investment of $15 million for the company’s initial funding round, while both existing and new investors of Ola are expected to participate.”
Role of Krutrim SI Designs in Ola Electric
Incorporated in April this year, the startup is expected to have a significant role in developing and supporting Ola Electric. In a recent interview, Bhavish Aggarwal stated that the company will focus mainly on creating silicon chips, setting up a cloud infrastructure for providing customer solutions, and developing AI models.
Aggarwal’s Pursuit of Acquisitions in AI Space
Aggarwal is actively discussing with startups in the US and India. These discussions involve potential acquisitions in the AI domain. However, specific details about any finalizations remain undisclosed, as shared by another source requesting anonymity.
Krutrim SI Designs Ongoing Growth and Financial Outlook
Queries to Ola and Matrix are pending responses. Ola Electric, the parent company’s electric mobility arm, is actively expanding. Ola Electric recently launched new electric scooter variants. The company also revealed intentions to enter electric bike manufacturing by 2024.
In terms of financials, Ola Electric experienced a substantial surge in revenue and Profit After Tax (PAT) during FY23. However, audited financial figures for the fiscal year have not been disclosed yet. In FY22, the company recorded operating revenue of Rs 373 crore. It faced a substantial rise in losses, reaching Rs 784 crore. Ola Electric is targeting an upcoming IPO. The goal is to transform these losses into profitability. This achievement would mark a significant milestone in the company’s growth journey.
