Bengaluru-based AI startup Sarvam has raised $234 million in the first close of its $300 million Series B funding round, achieving a post-money valuation of $1.5 billion and becoming India’s latest AI unicorn. The round was led by HCLTech (the IT arm of HCL Group), which invested $150 million as the primary strategic investor. Bessemer Venture Partners also joined the investment alongside existing backers Khosla Ventures and Peak XV Partners, who continued their support.
Sarvam, India’s first full-stack sovereign AI company, raised its initial $41 million in Series A in December 2023—the largest raise at that stage for an Indian AI startup. Founded in 2023 by Vivek Raghavan and Pratyush Kumar, Sarvam focuses on building AI models tailored for Indian languages and large-scale use cases.
The startup currently handles over 2 million daily interactions and makes 10 million API calls for speech AI applications. Its deployments span banking, insurance, government, and defence sectors, including a voice campaign that supported policy renewals for 45 million policyholders and data collection from 17 million farmers for the Ministry of Agriculture.
The new funding will support research on Sarvam’s next frontier model for agentic, coding, and cybersecurity use cases. HCLTech CEO C Vijayakumar said the investment marks “a significant step toward building India’s trusted and globally competitive AI ecosystem”.
Sarvam joins the ranks of India’s AI unicorns, signaling strong investor interest in India-built foundational models.
FAQs [Frequently Asked Questions]
Q1: What is Sarvam’s new valuation?
Sarvam achieved a post-money valuation of $1.5 billion after raising $234 million in Series B, becoming India’s newest AI unicorn.
Q2: Who led the investment in Sarvam’s Series B?
HCLTech led the round as a strategic investor with $150 million, alongside Bessemer Venture Partners and existing backers Khosla Ventures and Peak XV Partners.
Q3: What will Sarvam use the funding for?
The funding will support research on Sarvam’s next frontier AI model for agentic, coding, and cybersecurity use cases, expanding enterprise solutions.