InvestorInvestmentStake after roundNvidiaRs 238 crore ($25 million)1.66%Glade Brook CapitalRs 190.3 crore ($20 million)1.33%Gaja CapitalRs 95 crore—Sanjay Kalra & Jyotika KapoorRs 50 crore—After the allotment, Nvidia holds 1.66 per cent and Glade Brook 1.33 per cent. HCLTech, which led the first close, sees its holding settle at 9.95 per cent. Founders Vivek Raghavan and Pratyush Kumar keep a combined 38.44 per cent, so control stays with the two men who started the company in 2023.Why Nvidia wants a direct stakeThe size of the cheque matters less than who wrote it. Sarvam trains its models on Nvidia hardware, and the chipmaker taking equity turns a purchase order into ownership. Nvidia has spent 2025 and 2026 buying small positions across the AI field, from model builders to infrastructure firms, tying promising customers to its silicon for the long run. A stake in one of India's most-funded AI startups extends that pattern into a market where Nvidia sells GPUs to data-centre operators, cloud providers and the government's compute programme.For Sarvam, the appeal runs the other way. Priority access to Nvidia chips, and to the engineering support that comes with them, decides how fast a model builder can train. In a market where compute is the scarce input, a shareholder who makes the compute is worth more than the Rs 238 crore on the cheque.How the Rs 698 crore round is structuredThis tranche completes a round that stayed open. Sarvam announced a $300 million Series B on 15 June 2026 and closed $234 million of it, with HCLTech putting in $150 million alongside Bessemer Venture Partners, Khosla Ventures and Peak XV Partners. That left about $66 million on the table. At $74 million, the Nvidia-led extension covers the remainder and pushes the round past its original target.The figures come from filings with the Registrar of Companies rather than a company announcement. A board resolution approves the share issue; allotment, the receipt of funds and any public statement from Sarvam are the steps that follow. The stake percentages reported here rest on one reading of that filing. Sarvam has yet to confirm the tranche.