Bhavish Aggarwal’s AI startup Krutrim turns unicorn

Bhavish Aggarwal’s artificial intelligence startup Krutrim SI Designs today announced that it has raised $50 million from a clutch of investors including Matrix Partners India.

With the fundraise, the startup also turned unicorn with a $1 billion valuation and became the fastest firm to achieve the tag. Entrackr was first to report about the funding round in August last year.

India’s first AI unicorn Krutrim is also the first unicorn of 2024 and third since January 2023. Last year, Indian minted two unicorns: Zepto and InCred.

Krutrim AI intends to use the capital to drive innovation and expand its reach globally to revolutionize the AI landscape.

“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.

In October 2023, the firm raised $24 million debt from Matrix Partners. Entrackr exclusively reported about the development at that time.

Krutrim SI Designs was incorporated in April this year with Tenneti Venugopala Krishnamurthy as co-founder. Krishnamurthy is a long time board member of Ola’s parent company ANI Technologies.

The AI model will come in two versions: Krutrim and Krutrim Pro. The base Krutrim model comprehends 22 Indian languages and can form responses in 10 languages while Krutrim Pro is a multi-modal model for enterprise use.

Krutrim is the third unicorn founded by Aggarwal besides his previous two companies i.e. Ola and Ola Electric. Aggarwal joins Supam Maheshari who also has three unicorns under his belt: FirstCry, GlobalBees and XpressBees.