Bhavish Aggarwal’s AI startup, Krutrim, has achieved unicorn status after securing $50 million in its first funding round, led by Matrix Partners India. The funding round, which valued Krutrim at $1 billion, marks the company as India’s fastest unicorn and the country’s first AI firm to attain unicorn status. This milestone adds to Aggarwal’s previous successes with Ola and Ola Electric, both achieving unicorn status. The funds raised will be used to further Krutrim’s mission to transform the AI landscape and expand its global presence. The company aims to create India’s first comprehensive AI computing stack, emphasizing the need for the country to develop its own AI capabilities.
Krutrim, launched in April 2023, focuses on advancing the field of artificial intelligence and introduced its base Large Language Model (LLM) in December 2023. The LLM, trained with the largest representation of Indian data, powers generative AI applications for all Indian languages. This model enables Krutrim’s conversational AI assistant to understand and speak multiple Indian languages fluently. The company’s platform is designed to fluently switch between languages, discussing a wide range of topics, from Bengali poetry to Bollywood movies and creative masala dosa recipes. Krutrim plans to release the beta version for consumers in February 2024, along with an API for enterprises and developers seeking to create AI applications.
Matrix Partners India, an early supporter of Ola Cabs and Ola Electric, led the funding round. Avnish Bajaj, founder and MD of Matrix Partners India, praised Aggarwal for his contributions to bringing cutting-edge tech innovation to India. The funding comes at a crucial time for Krutrim, aligning with the recent unveiling of its AI model and its goal to establish AI infrastructure, including indigenous data centers and server-computing capabilities.
Krutrim’s achievements reflect the growing interest and investment in the Indian AI landscape. The company’s focus on creating AI solutions tailored to Indian languages positions it as a key player in the development of generative AI in the country. The funding round underscores the potential of Krutrim’s innovative AI solutions and reflects investor confidence in the company’s ability to drive meaningful change globally from India.
This funding news follows the recent trend of Indian generative AI startups gaining attention, with Sarvam AI unveiling OpenHathi, the first Hindi large language model, and securing $41 million in a Series A round. The broader acceptance and adoption of generative AI in India signal a shift in the technology landscape, with companies exploring ways to leverage AI for various applications. Krutrim’s success as a unicorn and its commitment to advancing AI capabilities in India contribute to the country’s growing prominence in the global AI arena.
