Ola's Bhavish Aggarwal To Enter AI Space, Registers New Company

Aggarwal has registered the company named Krutrim SI Designs along with Krishnamurthy Venugopala Tenneti, the report said. Tenneti is also one of the board members of ANI Technologies — which owns Ola Cabs and Ola Electric.

"The date of incorporation is April 15, 2023, with a paid-up capital of ₹1,00,000," data sourced from the Ministry of Corporate Affairs (MCA) showed.

The new startup will help develop and support the operations of Ola Electric, the Moneycontrol reported.

Aggarwal may have received investment commitment for this new AI venture from Matrix Partners, the venture capital firm which is an early investor in Ola Cabs, the ET report said.

"The new company is into computer programming, it must be something to do with chip making and other allied technology, " people familiar with the developments said.

The development comes at a time when Ola Electric is close to raising funds for its expansion plans and to meet other corporate needs. The company is also planningfor its public listing next year. The fresh round of fundraising at Ola Electric comes amid expectations that the company would break even soon and achieve profitability.

Aggarwal has been talking about making chips for EVs in India and he had recently visited the major hub for AI computing systems chip manufacturers, Taiwan. Indian EV firms have been sourcing chips from Japan, North Korea and China.

Earlier this week, Aggarwal announced the launch of new premium service by Ola Cabs in Bangalore, promising zero cancellation and no operational hussles.

Updated: 01 Jun 2023, 11:06 PM IST