Ola’s Aggarwal Sets Eyes on AI and Semiconductor Design
Bhavish Aggarwal, co-founder of ride-hailing firm Ola and electric vehicle startup Ola Electric, is venturing into fresh terrain as he navigates his businesses towards initial public offerings. The Indian entrepreneur has set up an AI startup that seeks to develop a large language model and is currently scouting two U.S.-headquartered AI startups for a potential acquisition.
Aggarwal’s New Venture: An AI Startup
According to people familiar with the matter, Aggarwal is in talks to raise over $50 million for the new AI venture. This development comes as no surprise given the recent surge in AI interest, which has prompted a boost to the tech economy and generated a flurry of startup activity.
The Rise of AI
OpenAI’s unveiling of ChatGPT has been a key trigger for the enthusiasm surrounding AI, leading investors to deploy over $20 billion into AI startups in the past quarters. However, India appears to be lagging behind in this race despite being one of the most significant startup ecosystems.
Aggarwal’s Vision for AI in India
On Twitter, Aggarwal shared his thoughts on the potential of AI in India: "Normally science enables technologies. AI technology will enable significant acceleration of scientific progress. Science today is still experimental, empirical and relies on the time and creativity of the scientist… AI will give the scientist significant creative and intelligence leverage."
He also posed a question to the Indian community: "Can we in India become a leading science ecosystem by adopting AI across scientific domains?"
Aggarwal’s Expansion into New Sectors
The recent expansion into new sectors is not the first time Aggarwal has ventured into uncharted territory. His assertive expansion into electric vehicles with Ola Electric and ride-hailing with Ola have rattled some of his investors in the past.
Concerns over Corporate Structure
Many backers of Ola have expressed concerns about not getting a stake in Ola Electric, which spun out of the ride-hailing firm. This has raised questions about Aggarwal’s approach to corporate structure and investor relations.
A Semiconductor Design Firm?
According to one person, Aggarwal is also considering setting up a semiconductor design firm. However, it is unclear whether this venture will be part of the same AI startup or a separate entity.
Ola Electric: A Leader in India’s Electric Scooter Market
Ola Electric has assumed a leader position in India’s electric scooter market with nearly 250,000 vehicles sold in the past year and a half, according to Society of Manufacturers of Electric Vehicles. Aggarwal had revealed last month that Ola had turned profitable, while Ola Electric had "grown and matured faster" than initial plans.
Initial Public Offerings
Aggarwal’s businesses are navigating towards initial public offerings (IPOs), a significant milestone for any startup or company. The recent surge in AI interest has generated a lot of excitement around the potential of these startups to go public.
Conclusion
Bhavish Aggarwal, co-founder of Ola and Ola Electric, is expanding into new terrain with an AI startup that seeks to develop a large language model. With his vision for AI in India and concerns over corporate structure, Aggarwal’s new venture is generating a lot of excitement and attention.
The Future of AI in India
As the world becomes increasingly digital, the potential of AI in India cannot be overstated. With the right approach and investment, India can become a leading science ecosystem by adopting AI across scientific domains. However, it remains to be seen whether Aggarwal’s new venture will be successful in achieving this vision.
Timeline
- 2023: OpenAI unveils ChatGPT, generating a surge in interest for AI startups
- 2023: Investors deploy over $20 billion into AI startups in the past quarters
- 2023: Bhavish Aggarwal sets up an AI startup to develop a large language model
- 2024: Ola Electric assumes a leader position in India’s electric scooter market
References
- Aggarwal, B. (2023). Twitter post. https://twitter.com/BhavishAggarwal/status/16710232132
- Society of Manufacturers of Electric Vehicles (SMEV). (2024). India’s electric scooter market reaches new heights.
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