Stocks
HCL Tech surges 3% after strategic investment in India's sovereign AI firm Sarvam AI
Mumbai/IBNS: The share prices of HCL Tech on Tuesday surged following the company's strategic investment in sovereign Indian AI firm Sarvam AI, media reports said.
The stock is trading at 1,125 with a gain of around 3.25%, up from the closing price in the last session.
Sarvam, India's full-stack sovereign AI company, on Monday announced that it has raised $234 million in the first close of its $300 million Series B at a post-money valuation of $1.5 billion.
HCLTech and Bessemer Venture Partners invested in the round, with continued support from existing investors Khosla Ventures and Peak XV Partners.
The investment will fund Sarvam's continued research on training its next frontier model for agentic, coding, and cybersecurity use-cases, as well as access to compute at scale to expand its forward-deployed motion across key verticals.
HCLTech will invest $150M as the lead strategic investor in this round.
By combining its deep enterprise transformation expertise, trusted global client relationships, data and other software IP, and engineering depth, HCLTech would accelerate Sarvam's goal of building a powerful, end-to-end sovereign AI ecosystem for India and beyond.
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