India AI Startup Sarvam Raises Funds at $1.5 Billion Valuation

India’s homegrown artificial intelligence startup, Sarvam AI, is close to raising $300 million to $350 million as it seeks to build a domestic player that can compete with leaders from the US and China.

The Bangalore-based company is raising the money at a valuation of $1.5 billion to $1.55 billion and could close the round as soon as next week, according to people familiar with the matter, asking not to be named because the discussions aren’t yet public. Bessemer Venture Partners is expected to lead the round, with Nvidia Corp., Amazon.com Inc. and Prosperity7 Ventures also participating, the people said.