Target Entity: Axonwise Private Limited (Sarvam AI)

Type of Deal: Minority strategic investment

Stake/Capacity: 41,421 equity shares representing 10.46% stake

Deal Value: ₹1,427.25 crores (approximately $150 million as part of larger $234 million Series B round)

Funding Source: 100% cash consideration from internal resources

Financial Impact:

  • Sarvam AI's FY 2026 unaudited turnover: ₹45.10 crores
  • Historical revenue: FY 2024: Nil, FY 2025: ₹1.50 crores
  • Post-money valuation: $1.5 billion
  • Investment will fund Sarvam's continued research and development for training next-generation frontier models
  • Enables HCLTech to develop industry and client-specific language models and AI solutions for its global client base

Timeline: Expected completion within 2 weeks of signing (by approximately June 29, 2026)

Strategic Rationale:

  • Funds Sarvam's R&D for agentic AI, coding, and cybersecurity use cases
  • Provides access to compute at scale to expand deployment across key industry verticals
  • Combines HCLTech's enterprise transformation expertise and global client relationships with Sarvam's AI capabilities
  • Accelerates building of end-to-end sovereign AI ecosystem for India and beyond
  • Enables development of differentiated enterprise AI solutions across industries with compelling price-to-performance outcomes
  • Focus verticals include banking, insurance, government technology, and defense

Approval Status: No governmental or regulatory approvals required. Deal is finalized.

Additional Company Information:

  • Sarvam AI incorporation date: July 14, 2023
  • Business: Training and serving AI models, SaaS platform, services as software, smart devices and wearable AI
  • Presence: India only
  • Partners include SBI Life, LIC, IDFC, Tata Capital and CRED
  • Recent achievements:
  • Sarvam 105B model matches or outperforms larger reasoning models
  • Sarvam 30B optimized for edge computing on consumer hardware
  • Sarvam Vision digitizing over 35 million pages from insurance forms to legacy land records
  • Speech models transcribing over half a million hours of audio monthly
  • Conversational platform handles over 2 million interactions daily
  • Inference platform processes 10 million API calls daily

Reference Regulation: SEBI Regulation 30 of Listing Obligations and Disclosures Requirements Regulations 2015