Bhavish Aggarwal’s AI Startup, Krutrim SI Designs, Secures $24 Million in Debt Funding from Matrix Partners India
- ByStartupStory | October 11, 2023
Bhavish Aggarwal, the co-founder of Ola, has seen his artificial intelligence (AI) venture, Krutrim SI Designs, reportedly secure $24 million in debt funding from Matrix Partners. As per regulatory filings with the Ministry of Corporate Affairs (MCA), a special resolution passed by Krutrim SI Designs’ board has paved the way for the issuance of 38,901 Series A and 19,67,61,099 Series B debentures at a face value of Rs 10 each, resulting in the generation of approximately Rs 197 crore (equivalent to $24 million).
Matrix Partners’ investment in the form of convertible debentures opens the possibility for future conversion into equity shares as Krutrim SI Designs seeks to raise further equity funding. This fresh capital infusion serves as a significant step for Aggarwal’s new venture, which was officially incorporated in April, as outlined in MCA filings. The venture’s sole director, Krishnamurthy Venugopala Tenneti, plays a pivotal role in steering its strategic direction.
Krutrim SI Designs is primarily focused on several key areas of technological innovation. The company aims to create cutting-edge silicon chips, establish a robust cloud infrastructure for delivering solutions to clients, and develop AI models that cater specifically to the Indian context. According to YourStory, Bhavish Aggarwal disclosed that he had initiated acquisitions of several companies operating within the silicon-AI domain. Notably, a substantial portion of the funding for this new AI endeavor has been personally contributed by Aggarwal himself.
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The global silicon chip market is projected to experience a Compound Annual Growth Rate (CAGR) of 4.3%, eventually reaching a value of $15.2 billion by 2028, compared to $11.6 billion in 2022, according to data from market research firm IMARC Group. The Indian government, recognizing the potential of the semiconductor sector, launched a $10 billion fund in 2021, alongside production-linked incentive schemes, with the dual objective of nurturing local semiconductor companies and attracting major industry players to invest in India.
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