Ola's AI Arm Krutrim Denies Media Report On $300-Million Fundraising Plan
The company remains focused on implementing its AI strategy.
Ola's AI unit, Krutrim, has refuted recent media claims about plans to raise $300 million in external equity funding.
The company clarified that it is not engaged in discussions to secure external equity and emphasised that the article misrepresented its financial strategy and operations.
In a statement, Krutrim asserted that it is currently not seeking external equity investments, as the firm is adequately funded by its promoter and select investors. The company remains focused on implementing its AI strategy.
"Reports suggesting otherwise are entirely inaccurate," Krutrim stated.
In February, Ola Founder Bhavish Aggarwal decided to infuse Rs 2,000 crore into his artificial intelligence startup Krutrim and has promised to invest Rs 10,000 crore more by next year.
In a post on social media platform X, Aggarwal announced that the company launched an AI lab on Tuesday. "Announcing the Krutrim AI lab today! While we've been working on AI for a year, today we're releasing our work to the open-source community and also publishing a bunch of technical reports."
Krutrim’s focus is on developing AI for India — to make AI better on Indian languages, data scarcity, and cultural context, he added.
(With PTI Inputs)
