Behind the Scenes of the AI Race: What Anthropic and Indian Unicorn Sarvam AI Have in Common
At first glance, American developer Claude and Indian startup Sarvam AI are players from different continents with different market objectives. However, a deep analysis of their shareholder structure reveals something more than just technological rivalry. These two labs are connected not only by ambition but also by shared financial roots that trace back to the world's largest venture capital funds.
Lightspeed: A Key Player on Two Fronts
The fund Lightspeed Venture Partners, which led the Series E round for Anthropic at $3.5 billion in March 2025 (valuing the company at $61.5 billion), is also actively present in India. Official documents from local regulators confirm that Lightspeed, through its subsidiaries, acquired stakes in the capital, preferred shares, and convertible bonds of the legal entity Axonwise Private Limited, which operates Sarvam AI.
The Indian startup itself, founded in 2023 by Vivek Raghavan and Pratyush Kumar, recently raised $234 million at a valuation of $1.5 billion. Thus, the same major investor is simultaneously developing the American lab and its strong Indian competitor.
General Catalyst and Khosla Ventures: Betting on Diversification
General Catalyst's entry into the Indian market occurred through the acquisition of Venture Highway in 2024. Venture Highway Fund III holds Series A convertible bonds of Sarvam. Notably, General Catalyst also invests in Anthropic and the French startup Mistral AI. Thus, this fund is present in three key AI labs simultaneously.
Another important player is Khosla Ventures. This fund holds shares and Series A preferred shares of Sarvam, and also became the first venture investor in OpenAI. In essence, the same financial structures are shaping the landscape of modern artificial intelligence from San Francisco to Bangalore.
Expert opinion: This situation clearly demonstrates how concentrated AI funding has become. Large funds are not making labs partners—they are creating a portfolio of bets, covering all key geographies and technological approaches. For the market, this means competition will be fierce, but control over the industry remains in the hands of a very narrow circle of individuals.