Key facts
- Sarvam AI raised $234 million in a funding round led by HCLTech, achieving a $1.5 billion valuation.
- The funding round is expected to close at around $300 million.
- Fintech firm Razorpay has confidentially filed its draft IPO papers with Indian regulators.
- Razorpay is targeting an IPO of $600-700 million.
- Cybersecurity threats related to the FIFA World Cup have increased, with thousands of malicious domains and fake social media accounts created.
- Zetwerk's operating revenue is projected to rise to Rs 15,900 crore in FY26.
Homegrown AI startup Sarvam AI has successfully raised $234 million in a Series B funding round, led by IT services firm HCLTech. This significant investment values the Bengaluru-based company at $1.5 billion, officially placing it in the coveted unicorn club. Other notable investors participating in the round include Bessemer Venture Partners, Khosla Ventures, and Peak XV Partners. The total funding is expected to reach approximately $300 million upon closing.
Sarvam AI's latest funding marks a substantial increase from its previous valuation of $110 million in 2023. The company's growth occurs amidst a growing emphasis on developing domestic AI capabilities in India, particularly in response to international curbs on advanced AI models. Sarvam AI is focused on building foundational AI models that support multiple Indian languages.
In parallel, fintech giant Razorpay has taken a significant step towards a public offering by confidentially filing its draft red herring prospectus (DRHP) with India's market regulator, Sebi. The company is reportedly aiming for an IPO size of $600-700 million, with a valuation in the range of $5-6 billion, a slight adjustment from its previous target.
Separately, cybersecurity firm Fortinet has reported a surge in cyber threats targeting FIFA World Cup fans, with over 13,000 FIFA-related web domains created since January, a significant portion of which are malicious. These scams include fake ticketing sites and streaming platforms designed to steal money and data.
In other business news, contract manufacturing startup Zetwerk's operating revenue is estimated to have increased to Rs 15,900 crore in fiscal year 2025-26, up from Rs 12,800 crore in the previous year, according to Crisil Ratings.