New Delhi, June 15 -- Sarvam, India's full-stack sovereign AI startup, has raised $234 million in the first close of a $300 million Series B round, at a post-money valuation of $1.5 billion.

HCL Technologies Ltd led the round, committing $150 million as the lead investor and picking up a 10.46% stake, according to regulatory filings. Bessemer Venture Partners joined the company's cap table alongside the IT major. Existing investors Khosla Ventures and Peak XV Partners also participated in the round.

The Bengaluru-based company is yet to raise the remaining $66 million of its $300 million target and has not disclosed a timeline for the final close.

The announcement comes just after the US government directed US foundational model compan...