Sarvam AI: $250M Funding & Unicorn Valuation

Sarvam AI is in discussions to raise up to $250 million, potentially achieving unicorn status with a valuation of $1.5 billion, according to Inc42.com. The funding round may be led by NVIDIA, Accel, and HCLTech.

Founded in 2023, Sarvam AI focuses on developing large language models (LLMs) optimized for Indian languages. The company’s models, Sarvam-30B and Sarvam-105B, are built in India and support 22 Indian languages.

Sarvam is also experimenting with hardware, including AI-powered smart glasses, aiming to integrate software with hardware. However, early developer feedback has pointed out issues such as a lack of GGUF formats and limited tooling support.

Euler Motors has secured $47 million in a Series E funding round led by Lightrock, along with ₹250 Cr in debt from BlackSoil and others, according to Inc42.com. The company will use the funds to expand its product line and manufacturing capacity.

CoinDCX’s cofounders, Sumit Gupta and Neeraj Khandelwal, were granted bail after being arrested in connection with an alleged cheating case, as reported by Inc42.com. The case involves allegations of defrauding an investor of ₹71 Lakh.

Swiggy has increased its platform fees by over 17% to ₹17.58 per order, following a similar move by Zomato, according to Inc42.com. The company states that the revised fee will help it operate and maintain its platform.

Fino Payments Bank shares hit a record low after the Telangana High Court dismissed CEO Rishi Gupta’s bail plea in an alleged tax evasion case, according to Inc42.com. The company’s market capitalization has decreased from $240 million to $100 million.

Quick food delivery startup Swish has raised $38 million in a Series B round led by Hara Global and Bain Capital Ventures, according to Inc42.com. The funds will be used for multi-city expansion and investments in team expansion, kitchen automation, and supply chain infrastructure.

AquaExchange is automating shrimp farming in India using IoT devices, AI models, and fintech solutions, according to Inc42.com. The company provides real-time monitoring of shrimps and offers formal lending for the credit-starved sector.