On 14 May, Moneycontrol reportedMoneycontrol that one of India’s leading IT services companies, HCLTech, was investing $150 million in Sarvam AI, the country’s leading foundational AI company. This was, interestingly, half of the total money Sarvam was raising in its latest round, making HCLTech the round’s lead investor.

This was the largest pure-play Indian AI startup fundraise to date. 

It is unusual for a venture round this size to be led not by a VC but by a strategic—a company that invests like a........

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