Bhavish Aggarwal, the founder and CEO of Ola Electric, is to launch a new business, which is likely to focus on computer programming and artificial intelligence space, according to an ET Prime report.
The report stated that Aggarwal and Krishnamurthy Venugopala Tenneti had registered the company as Krutrim SI Designs. Tenneti is also one of the board members of ANI Technologies — which owns Ola Cabs and Ola Electric.
“The date of incorporation is April 15, 2023, with a paid-up capital of ₹1,00,000,” data sourced from the Ministry of Corporate Affairs (MCA) showed.
The development comes as Ola Electric is almost finished raising funds for its expansion plans and other company needs. The company is preparing for its public listing for the following year. Ola Electric’s latest fundraising round comes amid expectations that the company will soon break even and profit.
“The new company is into computer programming, it must be something to do with chip making and other allied technology,” people familiar with the developments said.
Aggarwal recently visited Taiwan, a significant hub for making chips for AI computing systems, and has talked about manufacturing chips for EVs in India. Indian EV companies have used Chinese, North Korean, and Japanese semiconductors.
Aggarwal announced the start of Ola Cabs’ new premium service earlier this week, promising zero cancellations and no operational difficulties.