Ola Founder Registers A New Company; Likely To Enter The AI Space
Bhavish Aggarwal, the founder of Ola, has registered a new company. It is believed that he going to enter into the artificial intelligence space now.
Ola founder and CEO, Bhavish Aggarwal, is involved in a new business that many believe is going to be about artificial intelligence.
According to paperwork collected by the business intelligence website Tofler from the Ministry of Corporate Affairs, Aggarwal introduced a new business called Krutrim SI Designs in April.
As of now, he and Tenneti Venugopala Krishnamurthy are the sole two directors of the newly formed company, and they will shortly be receiving funds from investors, as per the report.
Ola and ANI Technologies
Ola Cabs and Ola Electric Mobility, which manages the electric vehicle industry; Ola Electric Technologies, which focuses on research and development; and Ola Financial Services, which was entirely bought by ANI Technologies are all divisions of Aggarwal’s primary company, ANI Technologies.
All of these businesses had Krishnamurthy functioning as a director, and documents were also provided by another business, Ola Electric Charging Pvt Ltd, which is a part of Ola Electric Mobility.
Krutrim does not have “Ola”: Why?
According to an article, Ola is not listed as part of the new company’s registration name, Krutrim.
Matrix Partners, the venture capital firm that was the first to invest in Ola Cabs, may have given Aggarwal a financial commitment for this new AI venture.
What does the report say?
According to the report, Aggarwal will reportedly work on launching an AI business along with raising money for Ola Electric and planning the company’s public IPO for next year.
Moreover, it is believed that Aggarwal’s recent trip to Taiwan, a location that is famous for the production of AI computer systems chips, is a clue that the company would be set up on AI.
Moreover, people who are familiar with the developments suggested that because the new company deals with computer programming, it must have something to do with chip manufacturing and other related technology.
Aggarwal’s View on AI
CEO of the company said in February AI is a significant technology tool for enhancing productivity and India should take the lead in accepting such technologies.
He also disagreed with the idea that using such technologies would lead to job replacement.
Moreover, he claimed that when technology for computers was first introduced in India, more job opportunities came up, and the same will be with the use of AI – it would lead to the development of new jobs.
What does the MCA say about Ola?
According to documents with the Ministry of Corporate Affairs (MCA), the company’s liabilities for the fiscal year 2021 increased significantly, reaching almost Rs 200 crore.
On the other hand, the business’s operational revenue stood at Rs 86 lakh and also benefitted the staff which made up nearly 70% of all costs.
Moreover, Aggarwal launched a new premium service by Ola Cabs earlier last week, claiming zero cancellations and no operational glitches.
The trend of Investing in AI
CEO of Ola investing in artificial intelligence gives the area to think about why most companies and businesses want to invest in this technology.
One significant reason is that with the help of AI, the work pressure on employees would reduce. This technology will be used primarily to work on mundane tasks like answering commonly requested questions and/or keeping records of routine transactions.
As a result, employees would be free to focus on other jobs that require creativity and undivided human involvement.
Another reason why investing in AI is the need of the hour is because with the help of AI, companies and businesses would be able to discover malpractices and frauds. Therefore, this would ensure that work is done safely.
Companies that create fully self-driving machines or those that work with highly sensitive data may find this feature of special interest.
Proofread & Published by Naveenika Chauhan
