Bengaluru-based Indian AI startup Sarvam AI is preparing to raise $300-350 million in new funding, Bloomberg reports. This will value the company at over $1.5 billion. Global tech giants Nvidia and Amazon are also expected to join the investment, along with Bessemer Venture Partners.

Sarvam AI develops AI models that incorporate India’s unique linguistic and cultural diversity. Their technology, which supports 22 Indian languages, including Malayalam, is primarily voice-first. The company’s main goal is to provide artificial intelligence services to the millions of Indians who do not speak English.

Such startups are growing as part of India’s ‘India AI Mission’ to reduce dependence on American and Chinese AI models. The company is also developing cutting-edge AI systems that can perform tasks like coding and scheduling on their own. This move is expected to help bring about major changes in the country's digital economy.