Aggarwal's aggressive expansion into new sectors has previously caused concern among his investors. For example, some backers of Ola were unhappy about not receiving a stake in Ola Electric when it was spun out of the ride-hailing firm. Despite this, Aggarwal continues to explore new areas, with AI and semiconductor design being his latest interests.
Key takeaways:
- Bhavish Aggarwal, co-founder of Ola and Ola Electric, is setting up an AI startup that aims to develop a large language model and is currently considering the acquisition of two U.S.-based AI startups.
- Aggarwal is in discussions to raise over $50 million for the new AI venture and has also proposed the idea of establishing a semiconductor design firm.
- Ola leads the Indian ride-hailing market and Ola Electric has become a leader in India's electric scooter market, selling nearly 250,000 vehicles in the past year and a half.
- Aggarwal's aggressive expansion into new sectors has caused concern among some investors, particularly those who did not receive a stake in Ola Electric when it spun out from the ride-hailing firm.