Chennai: Artificial Intelligence services provider Krutrim has become the fastest start-up to turn a unicorn and the first one in 2024.
Bhavish Aggarwal’s Krutrim SI Designs has raised $50 million from a clutch of investors including Matrix Partners India and turned unicorn with a $1 billion valuation. With this, Krutrim, which was incorporated in April last year, has become the fastest firm to achieve the tag, finds Entrackr.
India’s first AI unicorn Krutrim is also the first unicorn of 2024 and third since January 2023. Last year, two unicorns emerged- Zepto and InCred.
Krutrim AI intends to use the capital to drive innovation and expand its reach globally to revolutionize the AI landscape.
“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,” said Aggarwal in a statement.
In October 2023, the firm had raised $24 million debt from Matrix Partners. Tenneti Venugopala Krishnamurthy, a long time board member of Ola’s parent company ANI Technologies, is the co-founder of Krutrim SI Designs.
The AI model will come in two versions: Krutrim and Krutrim Pro. The base Krutrim model comprehends 22 Indian languages and can form responses in 10 languages while Krutrim Pro is a multi-modal model for enterprise use.
Krutrim is the third unicorn founded by Aggarwal besides his previous two companies - Ola and Ola Electric. Besides Aggarwal, Supam Maheshari also has three unicorns under his belt: FirstCry, GlobalBees and XpressBees.
