Sarvam AI hits $1.5 billion valuation as India's second AI unicorn in a month, raising $234 million led by HCLTech with zero crypto involvement.

The startup has reached a $120 million annualized revenue run rate and more than 200,000 paying customers.

Two Indian AI startups have become unicorns in a month, which has raised hopes that the country could shed its reputation as an AI laggard.