Ather Energy CEO reacts to OpenAI $700K cash burn report, says Ola, Paytm, Flipkart have burn more than this

Reacting to the reports of Sam Altman's OpenAI $700,000 daily cash burn report, Ather Energy CEO Tarun Mehta said that Indian elite  startups --- Flipkart, Paytm, and Bhavish Aggarwal-led Ola have burnt more money than this figure. 

Earlier today, Analytical India Magazine reported that AI giant OpenAI, which is backed by Microsoft, may go bankrupt as they are burning $700,000 or Rs 5.8 crore daily just to run its popular product 'ChatGPT'. 

Tarun Mehta, in a tweet, wrote "People are sharing that Open AI might go bankrupt next year because it burns through 5.8cr PER DAY! Yeah, right. 5.8cr/day is ~2000cr/year = $250M/year. Your friendly neighbourhood Swiggy, Meesho, Paytm, Ola, Flipkart have burnt through more of it for months and even years.

Most Indian startups have burnt through that kind of capital at their peaks and several of them are largely fine. Uber at it's peak was burning 10X more capital for YEARS. And OpenAI is perhaps one of the most important startups in the last few years and has a $10B funding lined up. They'll be fine, he said.

He further said most of today's giant startups have burnt through kind of capital at their peaks, and most of them are largely fine. 

OpenAI was founded in 2015 as a non-profit AI research organization by Sam Altman, Elon Musk, and other tech industry leaders.

In 2019, OpenAI transitioned into a 'capped-profit' company structure with $1 billion in funding from Microsoft. Earlier this year, Microsoft announced additional funding of up to $10 billion in the AI giant.

Earlier this year, It was reported that ChatGPT maker closed a $300 million share sale at a valuation between $25-$29 billion.

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