In a groundbreaking move for the Indian startup ecosystem, Bhavish Aggarwal’s artificial intelligence venture, Krutrim SI Designs, has secured an impressive $50 million in funding and achieved unicorn status with a valuation of $1 billion. This remarkable feat makes Krutrim the first AI unicorn in India, marking a significant milestone in the country’s tech landscape.
The funding round, led by Matrix Partners India and other prominent investors, positions Krutrim as the fastest startup to attain unicorn status. This achievement was first reported by Entrackr in August last year, showcasing the rapid trajectory of Krutrim’s growth.
This development also establishes Krutrim as the first unicorn of 2024 and the third in India since January 2023, following the footsteps of Zepto and InCred from the previous year. Bhavish Aggarwal, renowned for his success with Ola and Ola Electric, now adds Krutrim to his impressive portfolio of unicorn startups.
Expressing his excitement about the milestone, Aggarwal stated, “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, incorporated in April of the previous year, boasts Tenneti Venugopala Krishnamurthy as a co-founder and a long-time board member of Ola’s parent company, ANI Technologies. The startup raised $24 million in debt from Matrix Partners in October 2023.
The AI models developed by Krutrim come in two versions: Krutrim and Krutrim Pro. The base Krutrim model demonstrates proficiency in 22 Indian languages and can generate responses in 10 languages. On the other hand, Krutrim Pro is a multi-modal model designed for enterprise applications, showcasing the startup’s commitment to innovation and adaptability.
With the newly acquired capital, Krutrim SI Designs aims to drive innovation further and expand its global footprint, aiming to revolutionize the AI landscape. The success of Krutrim adds another chapter to India’s burgeoning startup success stories, reaffirming its position as a global player in artificial intelligence.
