MUMBAI -- Artificial intelligence startup Krutrim SI Designs became India's first unicorn of 2024, leading to hope that the country will make a recovery from last year's sharp decline in funding.

Krutrim announced Friday that it has raised $50 million in a funding round led by investment firm Matrix Partners India and other backers. The funding equates to a valuation of $1 billion, making Krutrim the first company this year to attain unicorn status, according to Indian media.