Ola Founder Bhavish Aggarwal Incorporates New Company, Likely To Operate In AI Space

After Ola Electric, Bhavish Aggarwal Plans $500 Mn IPO For Ola Cabs

SUMMARY

Aggarwal incorporated a company named Krutrim Si Designs Private Limited in April

The newly incorporated company is likely to operate in the artificial intelligence (AI) space, as per a report

Krutrum Si Designs is said to have received funding commitment from Ola’s early backer, Matrix Partners

Bhavish Aggarwal, founder of two mobility unicorns — Ola Cabs and Ola Electric – has now incorporated a new company with the Ministry of Corporate Affairs (MCA).

As per an MCA filing, Aggarwal incorporated a company named Krutrim Si Designs Private Limited in April. Besides Aggarwal, Krishnamurthy Venugopala Tenneti is the only other director of the company. Interestingly, Tenneti is alo a director in Aggarwal’s other companies – Ola Cabs and Ola Electric.

According to an ET report, the newly incorporated company is likely to operate in the artificial intelligence (AI) space. The report also said that Krutrim Si Designs is likely to raise a fresh round of funding soon and is said to have received commitment from Ola’s early backer, Matrix Partners.

The latest development comes a week after it was reported that Ola Electric has raised $300 Mn from an undisclosed, leading sovereign fund company.

Despite initial hiccups with its escooters, including fire incidents and customers of poor after-sales service, Ola Electric has established itself in the two-wheeler electric vehicles market and continues to lead the sales. It saw a record 28,438 registrations last month, a rise of over 29% from 21,991 units in April. As per reports, Ola Electric is also looking to go public in 2024.

However, Aggarwal also has a history of a lot of failed experiments. For instance, Ola Cabs ventured into the quick commerce segment through Ola Dash but shut it down last year. It also launched Ola Cars, a used car selling marketplace. However, it was shut only eight months after its launch.

Earlier, Ola also forayed into the food delivery business with the acquisition of foodtech startup FoodPanda. However, the company failed to deliver the expected numbers and it wound up its Indian operations after laying off employees.

As such, considering the mixed track record of Aggarwal, it remains to be seen if his new bet through Krutrim Si Designs can be a success.