{"id":1246134,"date":"2023-06-03T07:41:44","date_gmt":"2023-06-03T02:11:44","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1246134"},"modified":"2023-06-03T07:42:21","modified_gmt":"2023-06-03T02:12:21","slug":"ola-founder-is-determined-to-launch-ai-company-registers-new-company-with-focus-on-ai-tech-innovations","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/ola-founder-is-determined-to-launch-ai-company-registers-new-company-with-focus-on-ai-tech-innovations\/","title":{"rendered":"Ola Founder Is Determined To Launch AI Company! Registers New Company With Focus On AI Tech &#038; Innovations"},"content":{"rendered":"\n<p>Ola&#8217;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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/06\/Untitled-design-7-2-1280x720-1-1024x576.jpg\" alt=\"Ola Founder Is Determined To Launch AI Company! Registers New Company With Focus On AI Tech &amp; Innovations\" class=\"wp-image-1246141\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/06\/Untitled-design-7-2-1280x720-1-1024x576.jpg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/06\/Untitled-design-7-2-1280x720-1-300x169.jpg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/06\/Untitled-design-7-2-1280x720-1-768x432.jpg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/06\/Untitled-design-7-2-1280x720-1.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Latest development<\/strong><\/p>\n\n\n\n<p>&#8220;The new company is into computer programming, it must be something to do with chip making and other allied technology, &#8221; people familiar with the developments <a href=\"https:\/\/www.livemint.com\/companies\/olas-bhavish-aggarwal-to-enter-ai-space-registers-new-company-11685640560099.html\">said<\/a>.<\/p>\n\n\n\n<p>The Ministry of Corporate Affairs (MCA) said &#8220;The date of incorporation is April 15, 2023, with a paid-up capital of Rs 1,00,000.&#8221;<\/p>\n\n\n\n<p><strong>Co-founder<\/strong><\/p>\n\n\n\n<p>Part of this venture is Krishnamurthy Venugopala Tenneti, who is one of the board members of ANI Technologies Ltd &#8212; which owns Ola Cabs and Ola Electric.<\/p>\n\n\n\n<p>Krishnamurthy, commonly known as TVG, is Aggarwal\u2019s longtime advisor and is a member of the board of all his companies.<\/p>\n\n\n\n<p><strong>Many companies involved<\/strong><\/p>\n\n\n\n<p>His flagship company ANI Technologies that <a href=\"https:\/\/m-economictimes-com.cdn.ampproject.org\/c\/s\/m.economictimes.com\/tech\/startups\/ola-chief-bhavish-aggarwal-floats-a-new-company-likely-to-enter-the-ai-space\/amp_articleshow\/100679286.cms\">runs <\/a>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.<\/p>\n\n\n\n<p>Reports also suggest that Aggarwal is in talks to raise funds for the newly registered company.<\/p>\n\n\n\n<p>An ET report said Krutrim Si Designsis is said to have received <a href=\"https:\/\/inc42.com\/buzz\/ola-founder-bhavish-aggarwal-incorporates-new-company-likely-to-operate-in-ai-space\/\">commitment <\/a>from Ola\u2019s early backer, Matrix Partners..&nbsp;<\/p>\n\n\n\n<p>This new startup will help develop and support the operations of Ola Electric..<\/p>\n\n\n\n<p><strong>Areas of development<\/strong><\/p>\n\n\n\n<p>&#8220;The new company is into computer programming, it must be something to do with chip making and other allied technology, &#8221; a source said.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>This fresh round of fundraising comes amid expectations that Ola Electric would soon break even and achieve profitability.<\/p>\n\n\n\n<p>For FY2021 Ola Electric\u2019s losses nearly doubled to Rs 200 crore as per the company\u2019s MCA filings.<\/p>\n\n\n\n<p><strong>Filings<\/strong><\/p>\n\n\n\n<p>The company clocked operational revenue of only Rs 86 lakh and employee benefits made up close to 70 percent of total expenses..<\/p>\n\n\n\n<p>However, Ola Electric is also <a href=\"https:\/\/inc42.com\/buzz\/ola-founder-bhavish-aggarwal-incorporates-new-company-likely-to-operate-in-ai-space\/\">looking <\/a>to go public in 2024, having established itself in the two-wheeler electric vehicles market and continues to lead the sales\/<\/p>\n\n\n\n<p>This, despite poor after-sales service of its e scooters.<\/p>\n\n\n\n<p><strong>Domestic and making in India<\/strong><\/p>\n\n\n\n<p>It did, however, saw a record 28,438 registrations last month, a rise of over 29% from 21,991 units in April.<\/p>\n\n\n\n<p>Aggarwal has been talking about making chips for EVs in India and is in the process of&nbsp; doing so.<\/p>\n\n\n\n<p>Ola already makes battery packs <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/olas-bhavish-aggarwal-to-enter-ai-space-registers-new-company-10728301.html\/amp?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">in-house<\/a> and is even increasing its capacity to make more battery packs.<\/p>\n\n\n\n<p>While other EV firms have been sourcing chips from Japan, North Korea and China.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ola&#8217;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 &#8220;The new company is into computer programming, it must be something to do with chip making and other allied technology, &#8221; people familiar with the [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1246141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[271,1729,336],"class_list":["post-1246134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ai","tag-bhavish-aggarwal","tag-ola"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ola Founder Is Determined To Launch AI Company! 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