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Ola’s Krutrim cuts 50 jobs in linguistics team: Report

EntrackrEntrackr · 11d ago
Ola’s Krutrim cuts 50 jobs in linguistics team: Report
Medial

Ola’s Krutrim cuts 50 jobs in linguistics team: Report Krutrim, the AI unit of Ola, has laid off around 50 employees from its linguistics team in its third round of job cuts since June, according to an ET report. Those affected include team leads and transcribers for regional languages such as Bengali, Malayalam, and Punjabi. In total, more than 200 employees have left the company so far this year, including leadership exits. Earlier in July this year, Krutrim sacked more than 100 employees in its second round of layoffs. The layoffs come as Krutrim works on its largest language model, Krutrim 3, which will be a multibillion-parameter model. In an official statement to the media, the company said the cuts are part of a “strategic realignment” as it builds leaner teams to focus on its AI platform. It added that the current data annotation phase involving linguistics work has been completed. Since April, at least six senior executives, including heads of AI data, software engineering, cloud architecture, and corporate finance, have quit. This follows over 20 earlier exits across levels in FY25. Krutrim’s AI products, including Krutrim Cloud and its large language model offerings, have yet to gain traction due to technology gaps. Its AI assistant app Kruti has been downloaded 207,000 times since launching in June, according to SensorTower. Krutrim has raised approximately $75 million and joined the unicorn club in January 2024. Its investors include Z47 (formerly Matrix), the Sarin Family, and others. In December last year, Aggarwal pledged his Ola Electric shares to secure debt funding through debenture issuance for Krutrim. Krutrim was also reportedly in talks to raise $300 million in a new funding round. However, the company denied it officially. The company has also revealed plans to scale its data center capacity to 1 GW by 2028 and has committed up to $1.2 billion in funding over the next few years. Recently, Krutrim also acquired BharatSahAIyak, a company focused on public-sector AI solutions, from technology consulting firm Samagra.

Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 3m ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

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