Ola’s Bhavish Aggarwal Registers New Company Focusing on Computer Programming and Artificial Intelligence

• ByStartupStory     |    June 2, 2023

Bhavish Aggarwal, CEO and co-founder of Ola, has recently registered a new company called Krutrim SI Designs, as per information obtained from the Ministry of Corporate Affairs (MCA). The company will primarily concentrate on the Computer Programming and Artificial Intelligence sectors.

“The date of incorporation is April 15, 2023, with a paid-up capital of Rs 1,00,000,” The document sourced from MCA said.

Alongside Krishnamurthy Venugopala Tenneti, a board member of ANI Technologies Ltd, Bhavish Aggarwal has registered the company. ANI Technologies is the parent company of Ola Cabs and Ola Electric. Furthermore, reports indicate that Aggarwal is currently engaged in discussions to secure funding for the recently established company.

“The new company is into computer programming, it must be something to do with chip making and other allied technology, ” a source privy to the developments said.

According to insiders, Ola Electric is on the verge of securing approximately $300 million in funds for its expansion initiatives and other corporate requirements. This fundraising development aligns with the anticipation that Ola Electric will soon reach a break-even point and attain profitability.

Bhavish Aggarwal has been actively discussing the production of electric vehicle (EV) chips within India and is currently engaged in developing in-house chip manufacturing capabilities. EV companies have traditionally sourced chips from Japan, North Korea, and China. Ola, on the other hand, already manufactures battery packs in-house and is in the process of expanding its capacity to produce a larger volume of battery packs.

As per the Ministry of Corporate Affairs (MCA) filings, Ola Electric witnessed a substantial increase in losses for the fiscal year 2021, reaching approximately Rs 200 crore. The company’s operational revenue stood at a mere Rs 86 lakh, while employee benefits accounted for nearly 70 percent of the total expenses.

Follow Startup Story