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

EntrackrEntrackr · 16d 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.

Ola Electric's two-wheeler market share falls to 27% in September

EntrackrEntrackr · 11m ago
Ola Electric's two-wheeler market share falls to 27% in September
Medial

Ola Electric, an electric two-wheeler manufacturer, has seen a decline in its market share over the past three months. The Bengaluru-based company’s market share dropped to 27% in September, down from 32% in August and 39% in the previous month. Ola Electric achieved its highest market share during Q1 FY25 (June quarter), reaching a milestone of 49%. As per Vahan data, Ola Electric sold 23,965 units in September compared to 26,928 units in August and 40, 814 units in July. The Bhavish Aggarwal-led firm also hit an 11-month low of 23,965 units. Baja Auto, TVS Motors, Ather Energy and Hero MotoCorp were the next on the list with 21.27%, 20.26%, 14% and 5% market shares, respectively. This drop in market share follows a report from Goldman Sachs, which projected that Ola Electric is expected to reach EBITDA breakeven by the fiscal year ending March 2027. The decline in sales can be attributed to several factors, including customer complaints, malfunctioning hardware, and software glitches, among others. According to a recent report, Ola Electric received approximately 80,000 customer complaints per month. For the June quarter (Q1FY25), Ola Electric’s revenue from operations grew only 2.8% to Rs 1,644 crore in Q1 FY25 from Rs 1,598 crore in Q4 FY24. The company, however, managed to control its losses by 16.6% to Rs 347 crore in Q1 FY25. During the last fiscal year (FY24), it reported Rs 5,010 crore revenue and Rs 1,584 core loss. Ola Electric, which was listed on the stock exchange in early August, saw its share price drop below Rs 100 on Monday for the first time since its listing. Currently, its shares are trading at around Rs 102 each. The initial public offering (IPO) was priced at Rs 76 per share.

Baron Capital values Swiggy at $14.7 Bn

EntrackrEntrackr · 1y ago
Baron Capital values Swiggy at $14.7 Bn
Medial

US Investor Baron Capital has valued food-tech company Swiggy at $14.74 billion as of June 2024, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is nearly 2.6% down from its last $15.1 billion valuation estimates by Baron Capital in March. The valuation dip in June appears to be a result of rupee depreciation. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via a confidential route in May. The food tech company will raise up to Rs 3,750 crore ($450 million) via fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million) in its initial public offering. Swiggy recorded Rs 5,476 crore in revenue from operations and a Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and a secondary pitch by the company in April. Ahead of the IPO, Swiggy also rolled out its fifth ESOP liquidity programme worth $65 million in July. It claims to have enabled over Rs 1,000 Cr of ESOPs liquidity over the five events which benefited 3,200 employees. Swiggy’s rival Zomato is currently valued at $28.3 billion, as per stock exchange data. The Deepinder Goyal-led firm posted Rs 4,206 crore in revenue with Rs 253 crore in profits in the first quarter of FY24. According to the UBS report, Zomato’s order growth increased by 1.6% MoM in July while Swiggy’s order growth decreased by 4.6%. On a year-on-year basis, Zomato registered 29% growth as compared to 11% growth by Swiggy.

CRED launches credit card ‘Sovereign’ with IndusInd Bank

EntrackrEntrackr · 3d ago
CRED launches credit card ‘Sovereign’ with IndusInd Bank
Medial

CRED has officially rolled out its much-anticipated co-branded credit card with IndusInd Bank, a high-profile entry into the premium cards space. Named Sovereign, the card is crafted in 18K gold and will be available strictly on an invite-only basis. Entrackr was the first to report in August that the Kunal Shah-led company was working with IndusInd Bank to launch a co-branded card. The announcement confirms the development, positioning CRED among a growing lineup of fintechs tapping into this segment. This launch takes CRED beyond its usual services like bill payments, lending, and commerce. The company has also added features like credit score tracking, shopping, travel, and insurance management, paving the way for a premium card like Sovereign. CRED has over 13 million monthly active users as of June 2024. According to startup data platform TheKredible, the fintech has raised more than $1 billion across nine funding rounds, including a $75 million down round led by GIC in May 2025 that valued the company at $3.64 billion, a 45% drop from its $6.4 billion valuation during the $140 million Series F round in 2022. CRED is aiming for full-year profitability in FY26, but in FY24 its net loss widened by 22% to Rs 1,644 crore, which also included ESOP-related costs and taxes. In the same fiscal, the company’s revenue grew 66% year-on-year to Rs 2,473 crore. The FY25 annual report is yet to be filed. In repeating its initial ‘invite only’ approach with Sovereign, Cred might be exhibiting the first signs of being anchored in the past rather than forging its own way ahead. The reason is simple. IndusInd Bank doesn't have the kind of premium aura to go with such a pitch. While it will be interesting to see the kind of benefits Sovereign offers to drive desire, it faces a very cluttered and competitive market for sure.

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