Ola Co-founder Bhavish Aggarwal’s artificial intelligence company, Krutrim SI Designs, has recently secured USD 24 million in debt funding from Matrix Partners.
As per the records obtained from the Ministry of Corporate Affairs, Krutrim SI Designs’ board has passed a special resolution to issue debentures worth Rs 197 crore (approximately USD 24 million). The funding came in the form of 38,901 Series A and 19,67,61,099 Series B debentures, each with a face value of Rs 10. Matrix Partners’ convertible debentures have the potential to be converted into equity shares when Krutrim SI Designs raises equity funding at a later stage.
Krutrim SI Designs, which was incepted in April, will primarily focus on developing silicon chips, a cloud infrastructure to deliver customised solutions and AI models specifically tailored for the Indian market. Krishnamurthy Venugopala Tenneti has been listed as the sole director of the company.
Bhavish Aggarwal, Founder of Krutrim SI Designs, has said that the startup plans to acquire multiple companies in the silicon-AI domain. A significant portion of the funding for this new AI venture has been personally contributed by Aggarwal himself.
According to research conducted by IMARC Group, the global silicon chip market is projected to expand at a compound annual growth rate (CAGR) of 4.3 per cent, reaching a value of USD 15.2 billion by 2028, up from USD 11.6 billion in 2022.
To support the semiconductor sector and attract major players to India, the Indian government launched a USD 10 billion fund in 2021 and introduced production-linked incentive schemes, aiming to boost local semiconductor companies.
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