Sarvam AI Set to Raise $74 Million in Series B Extension Led by NVIDIA

Sarvam AI is set to raise $74 million, around Rs 700 crore, through an extension of its Series B round. The board passed a special resolution to issue 20,244 Series B preference shares and 7 equity shares at Rs 3,44,570 each, according to the company’s Registrar of Companies filing cited by Entrackr. The round totals Rs 698 crore, or $74 million.

NVIDIA Corporation is set to lead the round with Rs 238 crore, or $25 million. Glade Brook Capital will invest Rs 190.3 crore, or $20 million, while Gaja Capital and Sanjay Kalra & Jyotika Kapoor will participate with Rs 95 crore and Rs 50 crore, respectively. Other participants include angel investors and family offices such as Vrijesh Agarwal, KJ Trust and AL Trust.

Entrackr’s analysis places Sarvam AI’s post-money valuation at around Rs 14,342 crore, or $1.51 billion. After the tranche is allotted, NVIDIA Corporation will hold 1.66% of the company and Glade Brook Capital will own 1.33%. HCL Technologies’ stake will be diluted to 9.95%, while the founders will retain 38.44%.

Sarvam AI, founded by Vivek Raghavan and Pratyush Kumar, develops AI models, inference infrastructure and enterprise AI products tailored for Indian languages and use cases. The startup recently raised $234 million in a round led by HCL Technologies, which pushed it to unicorn status. It has also released foundational models trained from scratch in India, including Sarvam 105B, Sarvam 30B and Sarvam Vision, and recently appointed Thinking Machines Lab founding member Devendra Singh Chaplot as advisor.