Bhavish Aggarwal’s Krutrim SI Designs Bags $24 Mn Debt Funding From Matrix Partners

Ola boss Bhavish Aggarwal’s newly incorporated AI startup, Krutrim SI Designs, has raised $24 Mn in debt from Matrix Partners.

The Krutrim SI Designs board has passed a special resolution to issue 38,901 Series A and 19,67,61,099 Series B debentures on the face value of INR 10 each to raise INR 197 Cr (about $24 Mn), Entrackr reported, citing the company’s regulatory filings with the Ministry of Corporate Affairs (MCA). 

Neither Krutrim SI Designs nor Matrix Partners responded to Inc42’s email, requesting the details of the development, until the time of publishing this article.

After Ola Cabs and Ola Electric, Aggarwal incorporated Krutrim SI Designs in April this year, with Ola’s parent ANI Technologies’ long-time board member Tenneti Venugopala Krishnamurthy as its director.

The startup was reportedly looking to raise funds and had received a commitment from Matrix Partners, one of the early backers of Ola, for the same. According to a report published in August,  Krutrim SI Designs was in talks to raise up to $100 Mn.

As per sources, Krutrim SI Designs will support Ola Electric’s operations.

Notably, Aggarwal has been doubling down on his electric mobility venture, Ola Electric, with frequent new developments. Starting with escooters, the startup has unveiled plans to launch electric motorcycles and cars in the coming years. It’s also setting up a cell manufacturing facility.

One of Aggarwal’s other entities, which is focussed on building silicon chips and cloud infrastructure, could provide a major boost to Ola Electric’s electric mobility dreams.

Last week, Ola announced the launch of its all-electric on-demand delivery service, Ola Parcel, in Bengaluru to take on Swiggy Genie and Dunzo’s courier service.

Meanwhile, Aggarwal is also looking to take Ola Electric public. As per a recent report, the startup could file the draft red herring prospectus (DRHP) for its $700 Mn IPO before the end of October.

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