Bhavish Aggarwal's AI startup, Krutrim SI Designs, has secured $50 million in funding from investors, including Matrix Partners India, leading to a $1 billion valuation and achieving unicorn status.
Krutrim is India's first AI unicorn of 2024 and the third since January 2023, following the success of Zepto and InCred last year.
The fundraise marks Krutrim SI Designs as the fastest company to attain unicorn status, and the funding round was initially reported by Entrackr in August of the previous year.
The capital raised will be utilized by Krutrim AI to drive innovation and expand its global presence with the goal of revolutionizing the AI landscape.
In October 2023, the company had previously raised $24 million in debt funding from Matrix Partners, a development that was exclusively reported by Entrackr at that time.
Krutrim SI Designs, incorporated in April of the current year, was co-founded by Tenneti Venugopala Krishnamurthy, a long-time board member of Ola's parent company ANI Technologies.
The startup has developed two AI models, Krutrim and Krutrim Pro, with the base model understanding 22 Indian languages and generating responses in 10 languages, while Krutrim Pro is a multi-modal model designed for enterprise use. Bhavish Aggarwal, with Krutrim, now has three unicorns alongside his previous companies, Ola and Ola Electric, joining Supam Maheshari as individuals with three unicorn companies, including FirstCry, GlobalBees, and XpressBees.
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