AI startup Sarvam is set to raise $74 million (around Rs 700 crore) in an extension of its Series B round, led by NVIDIA Corporation, with participation from Glade Brook Capital, Gaja Capital, Indigo Ventures, and other investors.

The development comes soon after Sarvam raised $234 million in a round led by HCL Technologies, which propelled the company to unicorn status.

The Sarvam AI’s board passed a special resolution to approve the issuance of 20,244 Series B preference shares and 7 equity shares at an issue price of  Rs 3,44,570 each to raise Rs 698 crore or $74 million, according to its filing with the Registrar of Companies (RoC).

Global technology giant NVIDIA will lead the round with an investment of Rs 238 crore ($25 million), followed by Glade Brook Capital, which will invest Rs 190.3 crore ($20 million). Gaja Capital and Sanjay Kalra & Jyotika Kapoor will also participate, investing Rs 95 crore and Rs 50 crore, respectively. Other participants, including angel investors and family offices such as Vrijesh Agarwal, KJ Trust, and AL Trust.

In March, Moneycontrol reported that NVIDIA and other investors were in talks to invest in Sarvam AI.

Founded by Vivek Raghavan and Pratyush Kumar, Sarvam develops AI models, inference infrastructure, and enterprise AI products tailored for Indian languages and use cases. The startup has recently released several foundational models trained from scratch in India, including Sarvam 105B, Sarvam 30B, and Sarvam Vision

According to Entrackr’s analysis, the firm will be valued at around Rs 14,342 crore or $1.51 billion post-money. 

Following the allotment of this tranche, NVIDIA Corporation will hold a 1.66% stake in the company, while Glade Brook Capital will own 1.33%. HCL Technologies' stake will be diluted to 9.95%, while the founders will retain a 38.44% stake in the company.

Recently, the firm also appointed Thinking Machines Lab founding member Devendra Singh Chaplot as advisor.