The Invisible Connection: Why Anthropic and India's Sarvam AI Share the Same Investors
At first glance, Anthropic from Silicon Valley and the Indian startup Sarvam AI are separated by thousands of kilometers and different continents. However, a deep analysis of their equity capital structure reveals a striking fact: the same global funds stand behind the development of these two advanced laboratories. This is not just a coincidence, but a clear pattern shaping the future of the entire artificial intelligence industry.
The key link is Lightspeed Venture Partners. This fund led Anthropic's Series E round of $3.5 billion in March 2025, valuing the Claude developer at $61.5 billion. But Lightspeed did not limit itself to betting on the American giant. Official documents from Indian regulators confirm that Lightspeed, through its subsidiaries, acquired equity stakes, preferred shares, and convertible bonds of Axonwise Private Limited — the legal entity that operates Sarvam AI.
Sarvam AI, founded in 2023 by renowned engineers Vivek Raghavan and Pratyush Kumar, recently raised $234 million at a valuation of $1.5 billion. Thus, the same major investor is simultaneously developing both the American laboratory and its strong Indian competitor.
Strategy of General Catalyst and Khosla Ventures: Betting on All Leaders
The pattern repeats with other funds as well. General Catalyst entered the Indian market through the acquisition of Venture Highway in 2024. Venture Highway Fund III, in turn, holds Sarvam's Series A convertible bonds. Meanwhile, General Catalyst itself is a direct investor in Anthropic and the French startup Mistral AI. This fund is present in three key laboratories worldwide.
Another striking example is Khosla Ventures. This fund holds shares and preferred shares of Sarvam AI, and also became the first venture investor in OpenAI. Thus, Khosla combines three major players in the AI race in its portfolio.
Analytical conclusion: The presence of common investors does not make companies partners, but it clearly demonstrates how focused AI financing has become. The same global players decide which laboratories will develop — from San Francisco to Bangalore. This turns the AI market into a single ecosystem where competition and cooperation are intertwined more than ever. For the crypto industry, which is increasingly integrating with AI, this is a signal: one must watch not only the technologies but also the capital that shapes them.