Mumbai, June 16 -- HCL Tech will acquire a 10.46% stake in Sarvam AI through the purchase of 41,421 equity shares. The transaction, which is expected to be completed within two weeks, will be entirely funded through cash consideration.

The investment forms part of Sarvam AI's $300 million Series B funding round. The company said it has raised $234 million in the first close of the round at a post-money valuation of $1.5 billion, with HCL Tech participating as the lead strategic investor.

Sarvam AI develops foundation models and AI products across text, speech, vision and document processing. The company focuses on sectors such as banking, insurance, government technology and defence. It reported unaudited revenue of Rs 45.1 crore in FY2...