Bhavish Aggarwal’s AI startup raises $24M in debt from Matrix: Report
The board of Krutrim SI Designs has reportedly passed a special resolution to issue 38,901 Series A and 19,67,61,099 Series B debentures at a face value of Rs 10 each to raise Rs 197 crore or $24 million approx.
co-founder Bhavish Aggarwal's artificial intelligence firm Krutrim SI Designs has reportedly received $24 million in funding in debt from Matrix Partners.
According to regulatory filings with the Ministry of Corporate Affairs (MCA) sourced by Entrackr, the board at Krutrim SI Designs has passed a special resolution to issue 38,901 Series A and 19,67,61,099 Series B debenture at a face value of Rs 10 each to raise Rs 197 crore, or $24 million, approximately.
Matrix’s convertible debentures will be converted into equity shares in the future potentially when Krutrim SI Designs will raise equity funding.
Krutrim Si Designs, Aggarwal's new company, was incorporated in April, filings with the Ministry of Corporate Affairs show. Krishnamurthy Venugopala Tenneti has been listed as Krutrim's sole director.
The new company will focus on creating silicon chips, a cloud infrastructure to deliver solutions to customers, and AI models that will be developed in the Indian context
Aggarwal earlier told YourStory that he has acquired several companies in the silicon-AI sphere. A significant portion of the funding for the new AI venture has been personally contributed by him, the founder
The global silicon chip market is expected to grow at a CAGR of 4.3% to be valued at $15.2 billion by 2028, from $11.6 billion in 2022, according to market research firm IMARC Group.
In a bid to boost local semiconductor companies in India as well as draw bigger players to the country, the Indian government, in 2021, unveiled a $10 billion fund and set up production-linked incentive schemes to support the semiconductor sector.
Edited by Kanishk Singh