With the help of several investors, including Matrix Partners India, Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs has announced today that it has raised $50 million.
With the fundraising, the startup became the fastest company to reach the $1 billion valuation and turned unicorn.
Krutrim, the AI unicorn that makes its debut in India, is the first of 2024 and the third since January 2023. Zepto and InCred are the two unicorns that Indian minted last year.
With the money, Krutrim AI hopes to revolutionize the AI industry by fostering innovation and broadening its influence internationally.
“We are thrilled to announce the successful closure of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions but also underscores the confidence investors have in our ability to drive meaningful change out of India for the world,” said Aggarwal in a statement.
The company raised $24 million in debt from Matrix Partners in October 2023.
In April of this year, Tenneti Venugopala Krishnamurthy, a co-founder, helped form Krutrim SI Designs. Longstanding board member of ANI Technologies, the parent company of Ola, is Krishnamurthy.
There will be two versions of the AI model available: Krutrim and Krutrim Pro. While Krutrim Pro is a multi-modal model designed for enterprise use, the basic Krutrim model can understand 22 Indian languages and generate responses in 10 different languages.
Apart from the two companies he founded, Ola and Ola Electric, Aggarwal is the founder of Krutrim, the third unicorn. Aggarwal has joined forces with Supam Maheshari, who has founded three unicorns: FirstCry, GlobalBees, and XpressBees.
