Debt

Debt financing

Bhavish Aggarwal's AI startup Krutrim SI Designs raises $24-M from Matrix Partners

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Ola founder Bhavish Aggarwal's artificial intelligence firm Krutrim SI Designs has received USD 24 million debt from Matrix Partners India. Bengaluru-headquartered Krutrim SI Designs would issue 38,901 Series A and 19,67,61,099 Series B debentures at a face value of INR 10 each to raise INR 197 crore (about USD 24 million). The debentures will be converted into equity shares when Krutrim SI Designs raises equity funding. Krutrim will focus on creating silicon chips, a cloud infrastructure to deliver solutions to customers, and AI models.