Sarvam becomes an AI unicorn with a $234M round led by HCLTech

Sarvam, a Bengaluru company building AI models for Indian languages, raised $234 million at a $1.5 billion valuation. That makes it India's newest AI unicorn. HCLTech is putting in $150 million as the lead strategic investor. Bessemer Venture Partners joined, as did existing backers Khosla Ventures and Peak XV Partners. Sarvam aims to raise $300 million in total for its Series B.

The company is building its own models, the infrastructure to run them, and business applications. It says its products are used in banking, insurance, government services and defence. HCLTech plans to pair Sarvam's models with its own corporate clients and engineering teams to sell AI products to businesses and governments.

Why it matters for unlisted-share investors

Large late-stage rounds set new private valuations for India's AI companies. A big strategic investor such as HCLTech also shapes who owns the company, which can matter if it later lists. Most such companies stay private for years, so their shares are rarely available for secondary trading.

Source: TechCrunch