Ola Founder Bhavish Aggarwal Registers a New Company, says report
Written by Sanjay Kumar
- Ola Electric CEO enters computer programming and AI space with startup Krutrim SI Designs, backed by Matrix Partners.
- Ola Electric expands operations, plans for a public listing, and raises funds.
- Aggarwal explores EV chip manufacturing, visits Taiwan, and launches premium Ola Cabs service in Bangalore.
CEO of Ola Cabs
- Born: 28 August 1985 (age 37 years), Ludhiana
- Spouse: Rajalakshmi Aggarwal
- Education: Indian Institute of Technology Bombay (2008)
- Parents: Naresh Kumar Aggarwal, Usha Aggarwal
- Organizations founded: Ola Cabs, Ola Electric
- Nationality: Indian
According to an ET Prime report, Bhavish Aggarwal, the founder and CEO of Ola Electric, is venturing into a new business that will likely focus on the computer programming and artificial intelligence space.
Aggarwal has registered a company called Krutrim SI Designs, along with Krishnamurthy Venugopala Tenneti, who is a board member of ANI Technologies, the parent company of Ola Cabs and Ola Electric.
Data from the Ministry of Corporate Affairs (MCA) reveals that the company was incorporated on April 15, 2023, with a paid-up capital of INR 1,00,000.
The primary purpose of this new startup will be to develop and support the operations of Ola Electric, as reported by Moneycontrol.
According to the ET report, Aggarwal may have secured investment commitments for this new AI venture from Matrix Partners, a venture capital firm that was an early investor in Ola Cabs.
Insiders familiar with the developments speculate that the new company is involved in computer programming, possibly related to chip manufacturing and other related technologies.
This development comes at a crucial time for Ola Electric, as it is in the process of raising funds for its expansion plans and meeting other corporate requirements. The company is also preparing for its public listing next year. There are expectations that Ola Electric will achieve profitability soon and reach break-even.
Aggarwal has expressed his interest in producing chips for electric vehicles (EVs) in India and recently visited Taiwan, a major hub for AI computing systems chip manufacturers. Indian EV companies have traditionally sourced chips from Japan, North Korea, and China.
Just this week, Aggarwal announced the launch of a new premium service by Ola Cabs in Bangalore, promising zero cancellations and a hassle-free experience.
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