Ola founder Bhavish Aggarwal has announced an investment of Rs 2,000 crore (Rs 20 billion) in his artificial intelligence (AI) firm, Krutrim, with a commitment to invest an additional Rs 10,000 crore (Rs 100 billion) by next year.
Furthermore, he announced the launch of Kritrim AI lab and said that India's first AI unicorn has released its work to the open-source community, while publishing several technical reports. This move follows DeepSeek's recent decision to open-source its own generative AI (GenAI) model.With this latest investment, Krutrim has raised close to $280 million.This includes the Rs 2,000 crore (approximately $230 million), and the $50 million secured from Matrix Partners India in early 2024.
According to sources, the latest funds were raised through a mix of equity and debt. The company declined to comment on the specifics of the fundraising.In India's GenAI ecosystem, Sarvam AI is the only other player to have secured funding, raising $41 million in 2023 in a round led by Lightspeed, with participation from Peak XV Partners and Khosla Ventures. Hanooman, another firm developing small language models (SLMs), has also been exploring funding opportunities.
In a X post, Aggarwal said: 'We've been working on AI for a year; today we're releasing our work to the open source community and also publishing a bunch of technical reports. Our focus is on developing AI for India -- to make AI better on Indian languages, data scarcity, cultural context, etc.'
-- Shivani Shinde/Business Standard
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