Ola’s co-founder and Chief Executive Officer (CEO) Bhavish Aggarwal has registered a new company named Krutrim SI Designs, which will be involved in Computer Programming and Artificial Intelligence.
Latest development
“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 Ministry of Corporate Affairs (MCA) said “The date of incorporation is April 15, 2023, with a paid-up capital of Rs 1,00,000.”
Co-founder
Part of this venture is Krishnamurthy Venugopala Tenneti, who is one of the board members of ANI Technologies Ltd — which owns Ola Cabs and Ola Electric.
Krishnamurthy, commonly known as TVG, is Aggarwal’s longtime advisor and is a member of the board of all his companies.
Many companies involved
His flagship company ANI Technologies that runs Ola Cabs; Ola Electric Mobility, which runs the electric-vehicle business; Ola Electric Technologies, which focuses on research and development; Ola Financial Services, which was fully acquired by ANI Technologies, show the documents.
Reports also suggest that Aggarwal is in talks to raise funds for the newly registered company.
An ET report said Krutrim Si Designsis is said to have received commitment from Ola’s early backer, Matrix Partners..
This new startup will help develop and support the operations of Ola Electric..
Areas of development
“The new company is into computer programming, it must be something to do with chip making and other allied technology, ” a source said.
This comes at a time when Ola Electric is close to raising funds of around $300 million for its expansion plans and to meet other corporate needs.
This fresh round of fundraising comes amid expectations that Ola Electric would soon break even and achieve profitability.
For FY2021 Ola Electric’s losses nearly doubled to Rs 200 crore as per the company’s MCA filings.
Filings
The company clocked operational revenue of only Rs 86 lakh and employee benefits made up close to 70 percent of total expenses..
However, Ola Electric is also looking to go public in 2024, having established itself in the two-wheeler electric vehicles market and continues to lead the sales/
This, despite poor after-sales service of its e scooters.
Domestic and making in India
It did, however, saw a record 28,438 registrations last month, a rise of over 29% from 21,991 units in April.
Aggarwal has been talking about making chips for EVs in India and is in the process of doing so.
Ola already makes battery packs in-house and is even increasing its capacity to make more battery packs.
While other EV firms have been sourcing chips from Japan, North Korea and China.
