The Economic Times recently reported that in a second round of layoffs, Krutrim, the artificial intelligence startup started by Bhavish Aggarwal of Ola, had let go of around 100 workers. A significant portion of the firm’s linguistics staff, which had just recently arrived, was impacted by the layoffs.
The decision was made only a few weeks after more than a dozen positions were eliminated in Krutrim’s initial wave of layoffs in June. The ET further reported that the most recent layoffs were a result of a “strategic realignment” and an effort to create leaner teams in order to better manage resources. The existing round of layoffs started soon after Kruti, the company’s AI helper, was introduced in June.
Why the Linguistics Team Was Hit Hard?
The report went on to say that the company no longer requires as many employees as they once did because nearly 80% of the training has already been completed for the AI helper Kruti. This implies that as the product approaches completion in its early stage, the company’s requirement for linguistics personnel has decreased.
Strategic Realignment: The Real Reason Behind the Cuts
Prior to this, Krutrim had declared significant efforts to develop its AI capabilities. When Bhavish Aggarwal established Krutrim AI Labs earlier this year, he committed INR 2,000 crore to AI development, with ambitions to double that amount to INR 10,000 crore the following year. In 2024, the business became a unicorn after raising $50 million from venture capital firm Z47 Partners.
Tech Layoffs in 2025 Globally
Particularly at a time when many software companies worldwide are cutting budgets and shrinking staff, the layoffs are perceived as a change in emphasis from team expansion to effective capital use.
Even though artificial intelligence is still one of the most talked-about development sectors, many startups and big businesses are having trouble controlling costs while attempting to grow rapidly.In 2025 alone, the tech industry’s current wave of layoffs has resulted in over 100,000 job losses worldwide.
As they prioritise AI integration and adjust to shifting market conditions, major companies like IBM, Intel, and Microsoft continue to reduce their workforces.
AI’s Growing Role in Workforce Reductions
Microsoft, for example, just announced 9,100 layoffs that will impact its Xbox and gaming operations, among other departments. These layoffs serve as a reminder of the continuous difficulties businesses have in the quickly changing tech sector.
Additionally, IBM has been laying off some 8,000 workers, primarily from its human resources division. This comes after an internal shift towards automation, where jobs that were formerly handled by human staff are progressively being replaced by AI systems.
This change demonstrates how AI is increasingly affecting employment positions and the strategic realignments that tech businesses are undergoing. AI integration is changing the nature of work and the skills needed in the tech sector.
On May 8, Krutrim’s young engineer employed at Ola’s AI division committed suicide, reportedly as a result of excessive work pressure. The incident was made public when a Reddit post that described the events went viral and raised significant concerns about the company’s work culture.
The worker, Nikhil Somwanshi, had just been with Krutrim for ten months and was a recent graduate of the Indian Institute of Science (IISc). Two weeks before his passing, Somwanshi had ceased attending the office, citing mental health issues, according to a former Ola Krutrim employee who spoke with a media channel.
Why Nikhil took this Step?
According to a spokesperson for Ola Krutrim, the company is extremely devastated by the untimely death of Nikhil, one of its most gifted young workers. During this extremely trying time, the company’s thoughts and deepest sympathies are with his family, friends, and loved ones.
Nikhil was on personal leave at the time of the incident, the official added. He claimed that his leave was extended on April 17 after he disclosed that he was feeling better but would still benefit from more rest. The Reddit article that went viral further portrayed Krutrim’s workplace culture in a negative light.
Nikhil was allegedly a member of a three-person team overseeing a crucial project. He was left to handle the entire workload once the other two members left.
Rajkiran, a senior manager, was also named in the post for reportedly berating staff members, particularly new hires. Additionally, Rajkiran is accused of verbally abusing staff members. He reportedly handled calls from a distance while based in the US, leaving the Bengaluru team to handle the operational burden.
Ex-Employees Voicing About Abusive Behaviour of Rajkiran
An ex-employee who said Rajkiran lacked people management abilities supported the claims made in the post. Rajkiran yells at staff members before vanishing. Meeting verbal abuse was traumatising.
The present staff has been asked not to speak to the police or media, the former employee, who has previously worked with Somwanshi, told a media site.
According to an ex-employee, another top manager at Krutrim even instructed people during a session after his death that no one would discuss the occurrence and that anyone who approached him should send them to Ola’s legal team. Many workers are upset because they believe there is not enough accountability.
According to a Reddit thread, nothing has changed despite this catastrophe. No introspection. Nothing but quiet. The news is being suppressed by the authorities. According to Ola, the company is devastated by this loss.
Everyone who knew and collaborated with Nikhil will be greatly saddened by his departure. He was a valued team member. They continued by confirming that the company is offering Nikhil’s family and its staff its undivided support at this difficult time.
The business is also in communication with the appropriate authorities and will keep providing support when required.
In addition to developing India’s largest supercomputer, Ola‘s artificial intelligence (AI) initiative, Krutrim, announced on 6 March that it is collaborating with Lenovo to develop Krutrim 3, a 700-billion-parameter large language model (LLM). At the Lenovo Tech World India 2025 in Mumbai, Ola’s chief information officer, Navendu Agarwal, stated that the company is extremely proud to be working on a larger model, Krutrim 3, which will be a 700-billion-parameter model and be the company’s response from India to demonstrate that the country can build the best. The company is thrilled to be working with Lenovo on this project. The news comes after Bhavish Aggarwal, the creator of Ola, pledged to invest INR 2,000 crore in Krutrim, with ambitions to raise that amount to INR 10,000 crore by the following year.
How it can Benefit the Nation?
Ola has 700 employees committed to developing its full-stack AI solutions, according to Agarwal. In late 2023, the business released its first model, Krutrim 1, which had seven billion parameters. It was followed by Krutrim 2, which had twelve billion parameters, and both were open-sourced. He underlined that one of Krutrim’s main areas of interest is to fill India’s gap in hyperscale infrastructure and sovereign cloud. “We are quite pleased to announce that, in collaboration with Lenovo, we are constructing India’s largest supercomputer, which will be powered by this cloud.” He added, “We are creating our own chip and the foundation models.”
The development coincides with a growing race among countries to develop effective and affordable sovereign AI models, especially in the wake of DeepSeek, a Chinese AI business. On March 6, Bhavish Aggarwal asked people on the Twitter site X for ideas for a name for the supercomputer and wrote that Lenovo and Kirtrim were building India’s biggest supercomputer. “To introduce the AI revolution to India on a large basis, much more is required! I’m all in to see this through to completion,” he wrote.
Krutrim Developments Till Now
Aggarwal declared in February that Krutrim would make Krutrim 2 open-source, along with a number of other models, such as Dhwani 1, a voice-language model that can do tasks like speech translation, and Chitrarth 1, a vision-language model based on Krutrim 1. Additionally, he had declared that Krutrim is working with the American chip giant Nvidia to deploy GB200 superchips. In order to improve data privacy and lower the cost of AI training, Krutrim had previously installed sophisticated AI models from DeepSeek on its domestic servers. India is also seeing an increase in the drive for autonomous AI capabilities. Tata Sons chairman Natarajan Chandrasekaran emphasised the significance of building up local AI infrastructure last week at an event in Mumbai, cautioning that without it, India’s activities, languages, and cultures run the risk of being processed by AI systems that do not completely comprehend the nation.
India witnessed a drastic change within a very short period recently. You can now order groceries from the internet, food that reaches your doorstep, and also reach the farthest corner of your city without pressing a gas pedal.
OLA Cabs now Ola Consumer, co-founded by Bhavish Aggarwal has helped a number of its clients solve a major issue of standing in queue, sometimes for hours, or getting ignored by Autowalas in India. Moreover, it has made travel safe for women at any hour of the day.
The photography enthusiast had a big dream, to serve Indians with a secure and reliable cab service. All that became possible with the efforts he made at a young age. Aggarwal is also the co-founder and CEO of OLA and the sole founder of OLA Electric.
The successful cab service was first experimented with on the streets of Delhi. Bhavish Aggarwal founded OLA along with Ankit Bhati and the rest is history.
Let’s know Bhavish Aggarwal and his education, personal life, awards, some unknown facts, and more through this article.
Bhavish Aggarwal – Biography
Name
Bhavish Aggarwal
Birthplace
Ludhiana, Punjab
Born
28 August 1985
Nationality
Indian
Education
B.Tech (IIT Bombay)
Position
Co-founder and CEO of OLA Cabs, Founder of OLA Electric
Bhavish Aggarwal often confused with a Marwadi is a Punjabi, who was born and brought up in Ludhiana. He is part of a loving family who supported his childhood just as every family does. Aggarwal completed his UG in 2008 from the Indian Institute of Technology, Bombay in computer science and engineering.
During the early days of his career, Aggarwal worked for Microsoft which turned out to be two of his glorious years.
Bhavish Aggarwal – Career
The mind behind OLA’s success was a research intern at Microsoft in the year 2007. Then a year later, Aggarwal was absorbed by the company to be the Assistant Researcher. In this position, he spent more than two years at Microsoft.
At Microsoft, Bhavish Aggarwal filed two patents and published three papers in international journals, however, he left Microsoft in July 2010. Not so further shortly, in September of the same year, Bhavish came up with the planning of OLA. By January 2011 he along with Ankit Bhati founded OLA Cabs now OLA Consumer.
Ola Founder Bhavish Aggarwal On ‘Krutrim’: Willing To Invest Whatever It Takes To Build AI For India
Bhavish Aggarwal – Personal Life | Family
Bhavish isn’t the only child of his parents. His father Naresh Aggarwal is an orthopedic surgeon, and his mother Usha Aggarwal is a pathologist. They have another son Ankush Aggarwal. Ankush is the founder of Avail Finance an online money lending platform for which Bhavish has been an angel investor.
Bhavish Aggarwal married his girlfriend Rajalakshmi in 2014. The Tamil-origin girlfriend and Bhavish first met in Bangalore in the year 2007 and have been dating for nearly 6 years. There is no information about the couple having any kids as of yet.
Bhavish Aggarwal – OLA Consumer
Every ease today we feel is possible because of a horrible event that pushed Aggarwal to establish OLA.
While traveling from Bangalore to Bandipur in a car, the driver stopped and started negotiating the previously fixed deal and travel fare with Aggarwal. Worried and annoyed, the founder of OLA Electric was stranded in the middle of nowhere. And that is how he came up with the inspiration behind the magnificent works of OLA.
Following the event, in 2010, Bhavish established Olatrip.com. This was known as a trip-planning company at first. A year later, looking at the growing demand for cab services Aggarwal and Ankit Bhati launched Olacabs now OLA Consumer. This time it was a taxi aggregation platform.
Early days of Ola
In the initial years, the cab booking firm had its users booking cabs via phone calls. Soon, in June 2012, Olacabs launched a mobile app. And by 2015, OLA had the biggest market share.
Today OLA has its range of Electric Vehicles, which was again founded by Bhavish Aggarwal, a man with big dreams.
OLA Financials (FY20-FY22)
Bhavish Aggarwal – Journey So Far!
Bhavish had to face several hurdles while introducing OLA to the Indian audience. Not just once, but every time he came up with something new or aimed for a new market, there had been struggles.
In the initial years, local big shots such as The Radio Traffic Services and FastTrack were tough to compete with OLA, but that didn’t stop Bhavish from aiming higher. These obstacles encouraged Aggarwal to think differently and come up with something odd yet problem-solving. This is when OLA started hiring drivers who had an All India Permit, and launched its inter-city travel feature.
Similarly, Bhavish kept on introducing newer features in OLA such as OLA Mini, and OLA Auto, which went on to win awards.
Next is his venture, Krutrim AI which recently raised $50 million at a valuation of $1 billion. With this raise, Krutrim AI became India’s first-ever startup unicorn of 2024. Not just that but Krutrim AI is also the first homegrown artificial intelligence firm.
With being an angel investor in his brother’s firm Avail Finance, Bhavish has even invested in several other firms over the years.
Company
Date
Industry
O’ Be
1 May 2022
Beverages
Karkinos
12 Feb 2022
Clinics/Outpatient Services
O’ Be
23 August 2021
Beverages
Avail Finance
28 June 2019
Other Commercial Banks
Avail Finance
14 March 2018
Other Commercial Banks
Avail Finance
1 Feb 2017
Other Commercial Banks
OfBusiness
13 December 2016
Media and Information Services (B2B)
SuperSuit
8 June 2016
Electronics (B2C)
Tork Motors
18 April 2016
Automotive
Hashlearn
23 March 2016
Educational Software
Bhavish Aggarwal – Controversy
OLA Cabs has most of its time been into controversy, sometimes due to the protests by Auto Walas or due to strikes by its drivers over less percentage of share. However, in 2022 it was reported that Aggarwal presented ruthless behavior that had upset the employees as well as board members. In this report, several OLA employees stated that inside OLA Electric, the culture has turned hostile.
Earlier in October 2024, Ola CEO Bhavish Aggarwal hit back on X at Kunal Kamra for criticizing how Ola scooters were kept outside a dealership. Aggarwal sarcastically offered to pay Kamra to help with the company’s issues, or told him to “shut up” and let Ola handle real customer problems. This sparked a series of posts, with their feud escalating and drawing attention from netizens, who watched and commented as it got more intense. Comedian Kunal Kamra criticized Ola Electric again, calling it a “public issue” on October 21. He listed three reasons: the company is fooling the public, subsidized by public money, and is publicly listed. The debate heated up when Kamra mocked Ola for allegedly hiring bouncers at its service centers, after user R.J. Kashyap posted about it. Kamra sarcastically called this situation “unique.” Ola CEO Bhavish Aggarwal responded aggressively, leading to backlash from netizens, who called him rude, arrogant, and ignorant in his replies. Many supported Kamra in the ongoing exchange.
Bhavish Aggarwal along with his company OLA received South Asia’s mBillionth award in 2013
In the same year, he and his company won Best Startup of The Year, which was presented by IAMAI
In 2017, he was bestowed with the ET Awards: Best and the Brightest by The Economic Times
Bhavish Aggarwal – Unknown Facts
Bhavish Aggarwal is regarded as the youngest and the wealthiest entrepreneur in India, but with all of that, he even has a few more sweet little passions.
Underneath the tight corporate suit, he likes to ride his bicycle and play squash. He is also into photography and is known to maintain a popular photoblog.
Bhavish Aggarwal – Top Quotes
💡
If we launch a new product, we have to time it right. It’s not about how soon you can do it but how well we can do it.
FAQs
Who is Bhavish Aggarwal?
39 years old, Bhavish Aggarwal is the CEO and co-founder of OLA Consumer.
Who are Bhavish Aggarwal Parents?
The parents of Bhavish Aggarwal are Naresh and Usha Aggarwal.
What is Bhavish Aggarwal education?
Bhavish Aggarwal completed his B.Tech in 2008 from the Indian Institute of Technology, Bombay in computer science and engineering.
What is Bhavish Aggarwal age?
Bhavish Aggarwal was born on 28th August 1985. He is 39 years old.
Who is Bhavish Aggarwal married to?
Bhavish Aggarwal is married to Rajalakshmi Aggarwal.
Who are Bhavish Aggarwal children?
As per the reports, Bhavish Aggarwal has 2 kids, a son and a daughter.
Does Bhavish Aggarwal own another firm?
Yes, Bhavish Aggarwal has also founded OLA Electric.
What is OLA about?
OLA is India’s largest mobility platform and one of the world’s largest ride-hailing companies, serving 250+ cities across India, Australia, New Zealand, and the UK.
On Thursday, Ola co-founder and CEO Bhavish Aggarwal stated that India must establish its future on its own terms in order to dominate the technologies of the future, specifically mentioning artificial intelligence (AI).
At a press conference in Hosur, where new products were unveiled by Ola’s electric vehicle, cab, and artificial intelligence divisions, he predicted that the company would “simply end up becoming monthly active user farms for global companies” if current trends carry on.
Ola will soon open a battery manufacturing facility in Hosur in addition to its electric vehicle (EV) factory.
Krutrim, an artificial intelligence division of the Bengaluru-based business, plans to produce India’s first AI silicon chip by the year 2026. The likes of Intel, Nvidia, and AMD will be up against Ola if it succeeds. Not only that, but Amazon, Meta, Google, and Apple are all developing their own artificial intelligence CPUs.
Joining Hands with Global Majors
In order to construct the chips, Ola established strategic alliances with multinational powerhouses including ARM, a chip design firm, and Untether AI, an artificial intelligence firm based in Canada. A video message was played at the Hosur ceremony by ARM CEO Rene Haas, who expressed his joy at the partnership with Ola Krutrim.
The Bodhi AI chip, the Sarv general-purpose CPU, and the Ojas edge-computing CPU are all part of Krutrim’s first family of semiconductors. The creation of AI systems that are both quicker and more efficient is anticipated to be made possible by the AI chip.
As an additional resource for the developer community, Krutrim has introduced Krutrim Cloud, which offers general-purpose and AI capabilities along with a variety of AI services designed specifically for product development. Until Diwali, it has offered these data centre services—worth INR 100 crore—to developers and businesses at no cost.
Transferring the Name and Expanding Ola Cabs
Ola Consumer is the new name for Aggarwal’s initial ride-sharing company, Ola Cabs. Further cities will be added to the business’s reach.
For all ONDC vendors, including startups and SMEs, Ola Consumer is offering a free year of Krutrim Cloud. In addition, Krutrim Cloud will provide direct-to-consumer brands with free access for a year.
In a test program that ended this year, Ola Food & Grocery on ONDC exceeded 40,000 orders daily in Bengaluru.
A completely automated dark store the size of a shipping container was on display, and the business intends to produce these at large. According to Aggarwal, the containers have the capacity to process 7–10,000 orders every day. Any online store can utilise this for inventory management and shipping purposes. Bombay Shaving firm, ITC, and Marico are all partners in this, according to the firm.
These ready-made dark shopfronts could find a lot of success in India’s booming e-commerce market.
In recent years, India has witnessed a remarkable surge in startups achieving the prestigious “unicorn” status. These privately held startup companies, valued at over $1 billion, signify the vibrant growth of India’s startup ecosystem. While the United States and China lead globally in the number of unicorns, India has secured a spot in the top three countries, showcasing the rapid development of its startup landscape.
Several Indian startups have attained unicorn status unprecedentedly, earning the title of fastest unicorn. This growth can be attributed to factors such as increasing smartphone and internet penetration, urbanization, rising disposable incomes, and substantial funding opportunities supported by government initiatives like Startup India and Digital India.
This article analyzes some rapidly evolving Indian firms that have quickly earned association in the elite unicorn club. These fastest unicorns’ unique ideas have gained funding and validation from top global investors. They are also driving a revolution in India’s major industries.
Bhavish Aggarwal and Krishnamurthy Venugopala Tenneti
India’s Unicorn Companies – Krutrim
Launched in December 2023, Krutrim Ai Designs was founded by Bhavish Aggarwal and Krishnamurthy Venugopala Tenneti. Krutrim is a large language model (LLM) that comes in two versions: the base Krutrim model, which comprehends 22 Indian languages and can generate content in 10 languages, and the more advanced Krutrim Pro.
Developed entirely in India, Krutrim aims to align with Indian cultural nuances and cost structures to support the advancement of AI in the country. In a remarkable feat, Krutrim swiftly secured $50 million in funding, catapulting its valuation to an impressive $1 billion. This rapid ascent not only marks Krutrim as India’s first unicorn of 2024 but also positions it as the fastest startup in the country to achieve this milestone, accomplishing it within just one month of launching its large language model.
Mensa Brands is a technology-led investment platform that helps founders of digital-first brands grow their businesses using data, technology, and team expertise. It is an Indian startup that acquires direct-to-consumer brands and helps them scale within the home market and overseas. Mensa Brands currently houses 12 brands, 80% of which are run by women, and operate in three categories- apparel, beauty and personal care, and home.
Mensa became a unicorn, with a valuation of more than one billion dollars, just six months after it was founded. Ananth Narayanan launched it in May 2021; by November 2021, it was a unicorn. It raised $135 million in a Series B fundraising round headed by Falcon Edge’s Alpha Wave Ventures, valued at $1.2 billion.
GlobalBees
Company
GlobalBees
Founded
2021
Founders
Nitin Agarwal and Supam Maheshwari
India’s Unicorn Companies – GlobalBees
GlobalBees, founded in 2021 by Nitin Agarwal and Supam Maheshwari, brings digitally native brands into its fold, spanning various categories like beauty, personal care, home and kitchen, food and nutrition, and sports and lifestyle. These brands typically generate revenue ranging from $1 million to $20 million. GlobalBees assists these firms in expanding their reach by partnering with them and facilitating sales through marketplaces and other channels, both within India and internationally.
In December 2021, GlobalBees achieved unicorn status after successfully raising $110 million in its Series B funding round. The round was spearheaded by Premji Invest, the investment firm led by Wipro’s Azim Premji, with participation from existing investors, including Steadview Capital, Lightspeed, SoftBank, and FirstCry. With this infusion of funds, GlobalBees aimed to strengthen its product portfolio, drive further innovation, enhance the customer experience, recruit top talent, and scale its operations.
Ola Electric is an electric vehicle (EV) company dedicated to shaping a brighter, safer, and more sustainable future. Its vision is to establish India as the global hub for EVs by fostering an ecosystem of innovative products, services, and technologies. Ola Electric offers the Ola S1 electric scooter in variants like the Ola S1 Air, Ola S1X, Ola S1, and S1 Pro.
The company’s manufacturing facility, sprawled across a 500-acre, fully automated complex in Pochampalli town, Krishnagiri district, Tamil Nadu, is set to become the world’s largest two-wheeler factory. With an impressive annual production capacity of 10 million units, it aims to revolutionize the EV industry globally.
Ola Electric achieved unicorn status within just two years of its founding, having raised $250 million from SoftBank in a Series B funding round. This investment valued Ola Electric at over $1 billion, solidifying its position as a key player in the EV market. Additionally, Bhavish Aggarwal, the company’s founder, announced plans to establish the Battery Innovation Center (BIC) in Bangalore. This facility, considered Asia’s largest Cell R&D facility, signifies Ola Electric’s commitment to driving innovation and advancing EV technology.
Udaan
Company
Udaan
Founded
2016
Founders
Sujeet Kumar, Amod Malviya, and Vaibhav Gupta
India’s Unicorn Companies – Udaan
Udaan, established in late 2016 by former Flipkart executives Sujeet Kumar, Amod Malviya, and Vaibhav Gupta, is a unique B2B marketplace connecting manufacturers and wholesalers with retailers online. Unlike many startups, Udaan operates without a CEO by choice, setting it apart in the industry.
The platform simplifies the onboarding process for merchants, requiring minimal information, and provides effective catalog tools for product presentation. This creates a dynamic, two-way channel for trade, enhancing the overall user experience. Additionally, Udaan offers various services, such as credit financing and logistics, to facilitate connections between manufacturers and retailers. Notably, Udaan’s logistics service, Udaan Express, handles 65% of the company’s orders, further streamlining operations.
Recognized as one of the fastest companies to achieve unicorn status, Udaan attained this milestone in September 2018. This underscores its rapid growth and success within the B2B marketplace, solidifying its position as a leader in the industry.
On September 15th, 2021, Bengaluru-based Apna achieved unicorn status after securing $100 million in Series C funding led by Tiger Global, valuing the company at $1.1 billion. This remarkable milestone was reached just 21 months after its inception.
Apna provides a platform for job seekers to create profiles showcasing their skills, education, and work experience. Users can search for job opportunities, directly contact companies, schedule interviews, and ultimately secure employment. With India boasting over 300 million blue-collar workers, which is expected to rise annually by approximately 10%, platforms like Apna hold immense potential in this sector. Apna has a robust user base of 16 million individuals, with over 150,000 businesses utilizing the platform for recruitment. Impressively, apna facilitates more than 18 million job interviews every month, underscoring its significance in the Indian job market.
BharatPe is an Indian fintech firm formed in 2018. It offers a QR code-based payment solution software that enables offline businesses and shops to accept digital payments. It was created by Ashneer Grover and Shasvat Nakrani, both IIT Delhi alumni.
It enables retailers to accept payments from over 100 mobile apps with a single QR code that is automatically deposited to their bank account in real-time. The firm has experienced tremendous development, with a monthly transaction value of INR 1500 crores. It is the fourth largest player in the offline payments industry. It raised $370 million in a primary and secondary mix as part of a Series E investment round led by a new investor, New York-based Tiger Global Management. It propelled it to the list of Unicorn Companies.
Founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, Swiggy is an Indian online food delivery platform. The founders, despite facing setbacks in previous ventures, pooled their expertise from IIT/IIM backgrounds and startup experience to launch Swiggy. The surge in India’s urban population and the rise of nuclear families where both partners work have fueled the demand for FoodTech services like on-demand delivery, cloud kitchens, and restaurant discovery.
Swiggy distinguished itself by prioritizing logistics and operating its delivery fleet instead of relying on restaurants or third-party services. This strategic move provided a significant competitive edge. Recently, Swiggy joined India’s unicorn club after securing $210 million in funding led by DST and Naspers, valuing the company at $1.2 billion. The funds were utilized to expand its supply chain network, venture into new markets, and bolster its engineering and technology teams.
Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah
India’s Unicorn Companies – Swiggy
Glance is an Indian artificial intelligence-based software company that delivers personalized content directly to smartphone lock screens. Its mission is to transform mobile shopping through a unique creator-led commerce strategy, leveraging influencers and celebrities to promote products directly to users on their phone’s lock screen. Co-founded in 2019 by Naveen Tewari, Abhay Singhal, Mohit Saxena, and Piyush Shah, Glance operates as a subsidiary of InMobi.
In an impressive feat, Glance achieved unicorn status within just 20 months by securing $145 million in primary investment from Google and existing investor Mithril Capital. This substantial funding valued Glance at over $1 billion, cementing its status as one of India’s fastest-growing startups at the time.
Glance acquired Roposo, a short-form video platform, to further enhance its offerings to integrate vernacular video content into its platform. The funding was also directed towards strengthening AI capabilities across Glance and Roposo, expanding the technology team, launching new services, enhancing the brand, and facilitating global expansion.
FAQs
Which are the key sectors driving the emergence of fast-growing unicorns?
Key sectors driving the emergence of fast-growing unicorns include financial services, software-as-a-service (SaaS), logistics, transportation, and education technology.
When did Mensa Brands become a unicorn?
Mensa Brands became a unicorn, with a valuation of more than one billion dollars, just six months after it was founded. It raised $135 million in a Series B fundraising round headed by Falcon Edge’s Alpha Wave Ventures, valued at $1.2 billion.
What is Apna?
Apna provides a platform for job seekers to create profiles showcasing their skills, education, and work experience. Users can search for job opportunities, directly contact companies, schedule interviews, and ultimately secure employment.
Which are rapidly evolving Indian unicorn firms?
Some rapidly evolving Indian firms that have quickly earned association in the elite unicorn club are as follows:
