One investor for two: what connects Anthropic and Indian giant Sarvam AI
At first glance, Anthropic and the Indian startup Sarvam AI operate on different continents and in different ecosystems. However, digging deeper, they are united by something far more significant than just the development of large language models. It concerns the structure of share capital, where the same major international funds play a key role in the development of both projects.
The main connecting element is Lightspeed Venture Partners. This fund not only led Anthropic's Series E round of $3.5 billion in March 2025, valuing the company at $61.5 billion, but is also actively investing in its Indian counterpart. According to official documents from Indian regulators, Lightspeed, through its subsidiaries, acquired equity stakes, preferred shares, and convertible bonds of the enterprise Axonwise Private Limited — the legal entity that powers Sarvam AI.
Investor Pool: From California to Bangalore
Sarvam AI itself, founded by engineers Vivek Raghavan and Pratyush Kumar in 2023, recently raised $234 million at a valuation of $1.5 billion. But besides Lightspeed, Sarvam's shareholder list includes other "heavyweights" that also work with Anthropic.
General Catalyst entered the Indian market through the acquisition of Venture Highway in 2024. Venture Highway Fund III holds Sarvam's Series A convertible bonds. At the same time, General Catalyst itself invests not only in Anthropic but also in the French startup Mistral AI. Thus, this fund is present in three key AI labs across different continents.
Another striking example is Khosla Ventures. This fund, which became the first venture investor in OpenAI, now holds shares and Series A preferred shares of Sarvam. Simultaneously, Khosla remains a shareholder of Anthropic.
The presence of common investors does not make the companies partners, but it clearly demonstrates how consolidated the financing of artificial intelligence has become. The same players decide which labs will develop — from San Francisco to Bangalore.
Analytical Commentary: This situation is a classic example of "hedging bets" in a highly competitive environment. Investors do not choose a single winner but finance several promising projects at once to minimize risks and gain access to unique technologies in different regions. For the market, this means that the battle for leadership in AI will be not only technological but also financial, involving the same global pools of capital.