Can Bhavish Aggarwal's Krutrim survive without Ola group's funds?
23 Feb 2026

Bhavish Aggarwal's artificial intelligence start-up, Krutrim, is largely supported by business from Ola group companies.

This has raised concerns among experts over governance and the use of shareholder-backed resources.

The company was founded in April 2023 through Aggarwal's family office.

It reported ₹101.7 crore in revenue for the year ending March 2025, with a whopping 90% coming from two group entities: Ola Electric Mobility and ANI Technologies.

Financials of Krutrim and Ola group companies
Revenue breakdown

The financials of Krutrim, Ola Electric Mobility, and ANI Technologies show that the latter two contributed significantly to Krutrim's revenue.

Ola Electric contributed ₹23.87 crore while its subsidiary Ola Cell Technologies contributed ₹2.29 crore.

ANI Technologies, which runs Ola cabs, contributed ₹49.05 crore, with its subsidiary Ola Financial Services contributing the remaining ₹15.58 crore.

Payments made to Ola group firms
Cost allocations

Krutrim's expenses totaled ₹159.39 crore, of which ₹65.8 crore was reimbursed to Ola Electric Mobility and ANI Technologies.

The company also paid salaries of ₹37.9 crore to its 485 employees, along with another ₹6.1 crore to employees of the two group companies.

Other payments included ₹16.62 crore paid to Ola Electric Mobility Inc, US, and another ₹2.22 crore paid to Ola Electric Technologies Pvt Ltd, both subsidiaries of Ola Electric Mobility Ltd.

Krutrim board has no independent members
Board scrutiny

Krutrim's five-member board has no independent members.

Apart from Aggarwal, the other non-executive and non-independent directors are Krishnamurthy Venugopala Tenneti and Arun Sarin.

Both serve as directors on the boards of ANI Technologies and Ola Electric Mobility.

This has led to questions about their ability to allocate time judiciously due to "overboarding."