**Ola Electric’s Bhavish Aggarwal Seeks $300 Million for AI Project Krutrim**
Bhavish Aggarwal, the founder and CMD of Ola Electric, is aiming to secure up to $300 million for his ambitious artificial intelligence initiative, Ola Krutrim. This decision comes as a shift from his initial goal of raising approximately $500 million, influenced by a lack of strong interest from investors. Krutrim, which was launched on December 15, 2023, is designed to develop foundational AI models for Indic languages and create India’s own GPU chip, thereby establishing a robust data center and AI ecosystem.
Despite the current absence of concrete investment offers, sources indicate that Aggarwal remains optimistic about attracting significant investors in the near future. Goldman Sachs, JP Morgan, and SBI Capital Markets are reportedly involved in this funding round, which is expected to combine both debt and equity financing. However, the banks have not commented on the situation.
Matrix Partners, which previously led Krutrim’s initial $50 million funding round, is anticipated to contribute an additional $25 million in this upcoming round. The company is also exploring partnerships with top venture capital firms outside India to secure further funding, focusing on the development of indigenous AI infrastructure.
Aggarwal’s initial $500 million funding target was part of a broader strategy to raise $1 billion by 2026. Following the announcement of Krutrim, he claimed to have raised $50 million at a valuation of $1 billion within 42 days. Earlier this year, he also disclosed a personal investment of $230 million into the project, backed by a pledge of approximately 8% of his shares in Ola Electric.
As Krutrim continues to evolve, it aims to position itself as a leader in the AI landscape, particularly in the context of India’s unique linguistic and technological needs.
**FAQ**
*What is Ola Krutrim?*
Ola Krutrim is an AI project initiated by Bhavish Aggarwal, focused on developing foundational models for Indic languages and creating India’s own GPU chip to support a local AI ecosystem.
