Sarvam, a sovereign AI model developer, became India's newest AI unicorn with a $234 million round led by HCLTech, which invested $150 million, at a $1.5 billion valuation, TechCrunch reported on June 15. A month later CNBC reported that Emergent, a vibe-coding startup, raised $300 million at a $1.5 billion valuation, making it the second Indian AI company within a month valued above $1 billion.
The deals come as the Indian government backs the sector through the India AI Mission and a state-backed venture fund, though critics say existing programs are too slow and too small.
Source: TechCrunch