Chennai, January 27, 2024 - Indian artificial intelligence services provider Krutrim SI Designs has made waves in the tech industry by becoming the country’s fastest unicorn startup in 2024. Led by Bhavish Aggarwal, Krutrim has raised an impressive $50 million from prominent investors such as Matrix Partners India, attaining a valuation of $1 billion. The achievement marks Krutrim’s rapid rise to success since its incorporation just last year.
This milestone also makes Krutrim the third AI unicorn to emerge from India since January 2023, following the footsteps of Zepto and InCred. The company seeks to utilize the capital to drive innovation and expand its global presence, with the aim of revolutionizing the AI landscape. Bhavish Aggarwal expressed his excitement by stating, “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.”
Krutrim SI Designs was given a boost in October 2023 when it secured $24 million in debt financing from Matrix Partners, further solidifying its position in the market. The company’s co-founder, Tenneti Venugopala Krishnamurthy, who also served as a long-time board member of Ola’s parent company ANI Technologies, brings valuable expertise to the table.
Krutrim’s AI model is set to be released in two versions: Krutrim and Krutrim Pro. The base Krutrim model boasts an impressive comprehension of 22 Indian languages and can generate responses in 10 different languages. On the other hand, Krutrim Pro is a more advanced multi-modal model designed for enterprise use. With these solutions, Krutrim aims to cater to a wide range of users and industries.
Bhavish Aggarwal’s success with Krutrim marks his third unicorn venture, having previously founded Ola and Ola Electric. He joins the ranks of Supam Maheshwari, who also has three unicorns under his belt: FirstCry, GlobalBees, and XpressBees. Their achievements highlight the extraordinary entrepreneurial spirit and technological innovation present in the Indian startup ecosystem.
As the AI industry continues to thrive and evolve, startups like Krutrim SI Designs are driving the transformation of the digital landscape. With their groundbreaking solutions and ambitious goals, they are at the forefront of shaping the future of artificial intelligence, not just in India but on a global scale.
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