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Bengaluru-based Sarvam AI has raised $234 million in the first close of its Series B round led by HCLTech, which wrote a $150 million check for a 10.46% stake and pushed the startup's valuation to $1.5 billion. The deal pairs HCLTech's enterprise relationships across banking, insurance, and government with Sarvam's India-trained language models and its status as India's designated sovereign AI partner. The question now is whether language-specific models can structurally outcompete US frontier l