Introduction:
Bhavish Aggarwal, an Indian businessman who co-founded the ride-hailing company Aggarwal Sets Eyes on AI Ola Electric, is forging new ground as he steers his companies toward initial public offerings.
According to those who know the situation, he has established an AI business to build a sizable language model. He is now looking to acquire two AI startups with U.S. headquarters. According to the sources, Aggarwal is also discussing raising more than $50 million for the new AI firm.
One person, who asked to remain anonymous because the information is private, claimed that the entrepreneur who established Ola more than ten years ago has also discussed starting a semiconductor design company. It’s yet to be determined if the semiconductor design company will participate in the same AI project.
The most recent of many fields Aggarwal has investigated in the last ten years include artificial intelligence and semiconductor design. According to the Society of Manufacturers of Electric Vehicles, Ola currently dominates the Indian ride-hailing business. At the same time, Ola Electric has become India’s market leader for electric scooters after selling about 250,000 units in the previous 18 months.
Aggarwal Sets Eyes on AI Semiconductor Design:
Aggarwal Sets Eyes on AI (Image Source: finance.yahoo.com)
He accelerated the date for the EV startup’s initial public offering after telling Bloomberg last month that Ola had become profitable. At the same time, Ola Electric had “grown and matured faster” than initial plans.
The recent spike in interest in AI has given the tech industry a lift, resulting in a rebound in tech stocks and a flurry of startup activity. The introduction of ChatGPT by OpenAI was a significant factor in the enthusiasm, which encouraged investors to invest more than $20 billion in AI firms in recent quarters. India is falling behind in this race, despite having one of the most major startup ecosystems.
However, Aggarwal’s aggressive development into new, frequently unrelated fields and the organizational structures that followed alarmed some of his investors in the past. People who knew the situation claimed that many Ola supporters had voiced worries about not receiving a part in Ola Electric, which was split from the ride-hailing company.
