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Krutrim, Ola's AI division, has denied claims of seeking $300 million in external funding, labeling the report a misrepresentation of its financial strategy. The company emphasizes a preference for self-funding through internal resources, leveraging Ola Electric's improved financial position. This approach reflects a broader trend in the tech sector, where execution and strategic control are prioritized over premature fundraising.
Bhavish Aggarwal, founder of Ola, is aiming to raise up to $300 million for his AI startup Krutrim, down from an initial target of $500 million due to reduced investor interest. Despite no firm commitments yet, he is optimistic about attracting major investors like Goldman Sachs and JP Morgan.Krutrim, valued at $1 billion, focuses on AI solutions tailored for the Indian market, addressing local language needs and demonstrating the potential for significant valuations in emerging markets. Aggarwal is leveraging shares from his electric vehicle company, Ola Electric, to support this venture, showcasing a novel funding strategy among Indian entrepreneurs.
O’Be Cocktails, an Indian ready-to-drink cocktail brand founded in 2019, has shut down after failing to secure a buyer for over a year. The company, which operated in nine states and was backed by notable investors, faced challenges in a commoditized market that hindered its premium vision and sustainability.
Ola Electric, a prominent electric two-wheeler manufacturer in India, risks losing government subsidies crucial for its business if registration delays extend into FY26. The company, which recently filed for a public listing to raise over INR 7,000 Cr, highlighted its heavy reliance on the FAME-II scheme for incentives that significantly lower customer acquisition costs. However, potential changes in government policies, including the possibility of a revamped FAME-III scheme, could adversely affect its competitiveness and sales, prompting a reduction in sales goals and profit timelines.
The Dubai AI Festival will return on April 23-24, 2025, at Madinat Jumeirah, showcasing Dubai's commitment to AI innovation and economic growth. Expected to attract over 8,000 industry experts and 100+ speakers, the event will explore AI's transformative impact across various sectors, emphasizing responsible deployment and ethical challenges. Registrations are now open for this pivotal gathering of global leaders and innovators in artificial intelligence.
TiE Mumbai will host TiECon Mumbai 2025 on March 12, 2025, at the Jio World Convention Centre, focusing on the theme "DhandaFirst." The conference aims to explore the evolution of India's startup ecosystem as a driver of economic growth, fostering collaboration among startups, corporates, and investors. With over 3,000 attendees expected, including 1,000 startup founders and 500 investors, the event will address key areas such as investment strategies, the IPO boom, and the monetization potential of emerging technologies like AI and DeepTech.
On March 5, the central bank announced open market operations to purchase INR 1 Lakh Cr in government securities, boosting Indian markets, with Sensex rising 1.55% and Nifty50 1.93%. Despite this, foreign institutional investors sold INR 24,753 Cr in equities this week.New-age tech stocks showed mixed performance; TBO Tek gained 12.67%, while PB Fintech fell 4.18% after its CEO settled an insider trading case. Overall, 24 out of 32 tech stocks ended the week positively, reflecting a broader market recovery amid global uncertainties.
JioStar is laying off 1,100 employees as part of a restructuring following the Reliance-Disney India merger, impacting various departments and levels. The company is offering generous severance packages, but employees must serve a notice period of one to three months. Meanwhile, Licious faces growth challenges, and other startups like Swish and Innoviti are securing significant funding to bolster their operations.
Bhavish Aggarwal has pledged an additional 5.88 crore shares of Ola Electric to secure debt for Krutrim. This move underscores his commitment to supporting the company's financial obligations while navigating the challenges in the electric vehicle sector.
Ola's CEO Bhavish Aggarwal has launched an initiative called ‘Kya Chal Raha Hai?’ requiring employees to submit weekly reports detailing 3-5 bullet points of their completed tasks. This move, reminiscent of Elon Musk's approach with federal workers, aims to enhance accountability within the company. Meanwhile, Ola Electric is laying off over 1,000 employees to cut losses, leading to a significant drop in its share price.
Bhavish Aggarwal
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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