Krutrim, an AI startup established by Ola founder Bhavish Aggarwal, has announced raising $50 million in its first funding round at a valuation of $1 billion.
The funding round was led by Matrix Partners India and others. With this round, Krutrim becomes India’s fastest unicorn and also the country’s first AI unicorn, the firm said in a press release.
The startup will use the funds to accelerate the company’s mission to revolutionise the AI landscape, drive innovation, and expand its reach globally.
Krutrim founder Bhavish Aggarwal said, “India has to build its own AI, and at Krutrim, we are fully committed to building the country’s first complete AI computing stack.” Serial entrepreneur Aggarwal’s two other ventures include ride-hailing platform Ola and electric vehicle startup Ola Electric.
Last month, Krutrim unveiled its base Large Language Model (LLM). With the largest representation of Indian data used for its training, it powers generative AI applications for all Indian languages.
Trained by a team of computer scientists, based in Bangalore and San Francisco, this model will power Krutrim’s conversational AI assistant that understands and speaks multiple Indian languages fluently. Its linguistic skills make it a valuable tool for a wide range of purposes from education to business communications, according to the press release.