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Ola Electric CEO's new AI venture valued at $1 billion

January 26, 2024 at 11:54 am

BENGALURU (Reuters) - Artificial intelligence startup Krutrim, founded by CEO of Ola Electric Bhavish Aggarwal, has raised $50 million in the first funding round at a valuation of $1 billion, the company said in a blog post on Friday.

It added that venture capital fund Matrix Partners India led the funding round, without giving further details.

The startup unveiled a large language model last month and is set to launch a beta version in February, amid growing global excitement around generative AI technoloOgy.

Krutrim, which translates to "artificial" in Sanskrit, aims to generate text in Hindi, English and eight Indian languages.

The funding round's closure comes a month after Agarwal's e-scooter maker Ola Electric filed for an initial public offering to raise 55 billion rupees.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Ravi Prakash Kumar)

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