Indian sovereign AI startup Sarvam is close to raising $74 million (around Rs 700 crore) in an extension of its Series B round, Entrackr reported.
The round is expected to be led by NVIDIA Corporation and see participation from Glade Brook Capital, Gaja Capital, Indigo Ventures, among other investors.
The startup raised $234 million in the first close of its $300-million Series B round in June at a post-money valuation of $1.5 billion.
The round, led by HCLTech, was joined by Bessemer Venture Partners, Khosla Ventures and Peak XV Partners.
“We are clear that research-led innovation to create AI that works at India’s scale is a very large opportunity,” Pratyush Kumar, co-founder of Sarvam, had said at the time in a media statement.
Founded in 2023 and headquartered in Bengaluru, Sarvam develops AI models, infrastructure, and applications for enterprises, developers, and government agencies.
The company focuses on sectors including banking, insurance, government technology, and defence, and offers models across language, speech, vision, and document-processing tasks.
After the current transaction, NVIDIA will hold a 1.66% stake in Sarvam, per the Entrackr report. Meanwhile, Glade Brook Capital’s holding will stand at 1.33%.
HCL Technologies’ stake will be diluted to 9.95%, while the founders will continue to hold a 38.44% stake in the company, added the report.
