Bhavish Aggarwal, CEO and Founder of Ola has launched a new company called Krutrim SI Designs. The firm was registered in Bengaluru on April 5, 2023, with an initial capital of ₹1 lakh, as per data from the Ministry of Corporate Affairs.
What Happened? First revealed in a BQ Prime report, Bhavish Aggarwal and Krishnamurthy Venugopala Tenneti, a longtime associate, are the only two directors of Krutrim.
In addition to Krutrim, both Aggarwal and Tenneti serve as directors for ANI Technologies, the parent company of multiple Ola group companies, such as Ola Financial Services, Ola Electric Charging, Ola Electric Technologies, and Ola Electric Mobility.
See also: Ola Electric On Fast Track To 2024 IPO Bolstered By Strong Sales Growth
The specific purpose of Krutrim remains undisclosed. However, according to a separate report by the Economic Times, the company could potentially venture into artificial intelligence.
There’s speculation that Matrix Partners, an early investor in Ola Cabs, may be funding this new AI venture. Over the years, Aggarwal and Matrix Partners have maintained a strong business relationship, with the latter investing in the initial phases of all Ola group companies. Matrix also invested in Avail Finance, a company once run by Aggarwal’s brother Ankush Aggarwal and later acquired by Ola Cabs.
Of late, Aggarwal has expressed keen interest in AI, regularly tweeting about it and urging India to take the lead in adopting AI technologies. ET’s sources also reveal that Aggarwal recently visited Taiwan, known as a key hub for chips used in AI computing systems.
Read next: What Is Ola Share Price And How To Buy?
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