Key facts
- Sarvam AI raised $234 million in Series B funding, led by HCLTech.
- The funding round values Sarvam AI at $1.5 billion.
- Razorpay has confidentially filed draft IPO papers with Indian regulators.
- UK Prime Minister Keir Starmer proposed a ban on social media for under-16s.
- India is planning to enhance its domestic AI infrastructure.
- Zetwerk's FY26 operating revenue is projected to reach Rs 15,900 crore.
Homegrown AI startup Sarvam AI has joined the unicorn club after securing $234 million in a Series B funding round led by IT services giant HCLTech. The investment values the Bengaluru-based company at $1.5 billion, with participation from Bessemer Venture Partners, Khosla Ventures, and Peak XV Partners. This funding aligns with India's broader push to bolster its domestic AI capabilities, especially in light of US export controls on advanced AI models.
In parallel, fintech major Razorpay has confidentially filed its draft red herring prospectus with Indian regulators, signaling its intent for a significant IPO. The company aims to raise $600–700 million at a valuation of $5–6 billion. Razorpay's move follows its domicile shift to India and conversion into a public entity, positioning it for a domestic listing.
Globally, UK Prime Minister Keir Starmer has proposed a ban on social media for children under 16, alongside stricter controls on gaming and livestreaming platforms, as part of efforts to enhance online safety for young people. This proposal follows a review of Australia's similar ban.
India is also preparing to scale up its local AI infrastructure, with NITI Aayog tasked to identify gaps and shape a new program or expand the existing India AI Mission. The focus will be on domestic data centers, GPU clusters, and sector-specific rules to reduce data leakage, aiming to increase India's share in the global AI market.
Meanwhile, contract manufacturing startup Zetwerk, which has also confidentially filed for an IPO, is projected to see its operating revenue rise to Rs 15,900 crore in FY26, according to Crisil. However, the company faces risks related to its civil EPC exit and maintains a thin operating margin.