Bhavish Aggarwal, the CEO of Ola, created Krutrim, the first $1 billion AI firm in India.

Bhavish Aggarwal, a serial entrepreneur, launched the AI business Krutrim, which has achieved unicorn status after raising $50 million from investors including Matrix Partners India.With OpenAI's ChatGPT launch more than a year ago, a plethora of Indian entrepreneurs and academic institutions are racing to develop large language models in Indian languages, or so-called Indic LLMs. In instead of depending solely on technology from the US or China, nations are attempting to develop their own rival AI systems. Europe's investors are flooding Mistral AI, France, which was formed a year ago and is currently valued at $2 billion. The Falcon concept, supported by a government research organization in Abu Dhabi, is highly promoted by the United Arab Emirates.India, a country of 1.4 billion people, is concentrating on developing more affordable, smaller AI systems. Last month, the generative AI startup Sarvam released OpenHathi, its first open-source Hindi LLM. Sarvam developed its system using readily available open-source models. Days after raising $41 million in funding from investors including billionaire Vinod Khosla and Lightspeed Venture Partners, the news was made.Ola, an Indian ride-hailing business, was founded by Aggarwal, who stated in a statement that "India has to build its own AI." "We are fully committed to constructing the first AI computing stack in the nation."