Key Takeaways
- • Agrani Labs, a Bengaluru-based AI inference chip maker founded by former Intel and AMD executives, is reportedly raising a $100 million round, double the $50 million it was planning just weeks earlier, according to people familiar with the matter cited by MC Tech3.
- • Agrani is reportedly valued at around $300-350 million, more than eightfold its roughly $35 million valuation at its seed round in June 2025.
- • Groww founders' Stargazer fund, Google and HCLTech are reportedly looking to join the round, with Peak XV Partners (an existing investor) and 360 One still in the mix; Stargazer's would be its first investment from a $45-50 million fund.
- • Agrani is building AI inference chips designed to run on Nvidia's CUDA software stack, aiming to let customers move off Nvidia hardware without abandoning their existing software ecosystem.
- • HCLTech's reported Agrani interest would be its second Indian startup bet this year after Sarvam, signaling a shift toward backing technology-stack companies rather than only selling services.
Summary
Agrani Labs is assembling a $100 million funding round, according to people familiar with the matter who spoke to MC Tech3. The Bengaluru-based chip maker, founded by former Intel and AMD executives, has seen its target double from the $50 million it was planning only a few weeks earlier, reflecting growing investor appetite for semiconductors and deeptech. The company is valued at around $300-350 million, a more than eightfold increase from the roughly $35 million valuation it held when it raised its seed round in June 2025.
Sources told MC Tech3 that the Stargazer fund, backed by Groww's founders, Google and HCLTech are looking to join the round. For Stargazer, which manages a $45-50 million fund, the investment would be its first. Peak XV Partners, an existing investor, and 360 One remain involved, as MC Tech3 had reported in September.
Agrani is developing AI inference chips built to work with Nvidia's CUDA software stack. The aim is to make it easier for customers to shift away from Nvidia hardware without giving up the software ecosystem they already rely on. HCLTech's interest would be its second reported bet on an Indian startup this year, following AI company Sarvam, which MC Tech3 suggests indicates the IT services firm is increasingly willing to back companies building next-generation technology stacks rather than only providing services around them.
The report also points to a broader trend of former consumer-company founders backing deeptech ventures. Examples cited include Sachin Bansal's early investment in Ather, Mukesh Bansal's backing of Skyroot Aerospace, and Deepinder Goyal's current work on Temple and LAT Aerospace. If the round closes as reported, Agrani would join a small group of Indian deeptech companies that have raised $100 million-plus rounds, alongside Sarvam, Pixxel and Skyroot.
Sources told MC Tech3 that the Stargazer fund, backed by Groww's founders, Google and HCLTech are looking to join the round. For Stargazer, which manages a $45-50 million fund, the investment would be its first. Peak XV Partners, an existing investor, and 360 One remain involved, as MC Tech3 had reported in September.
Agrani is developing AI inference chips built to work with Nvidia's CUDA software stack. The aim is to make it easier for customers to shift away from Nvidia hardware without giving up the software ecosystem they already rely on. HCLTech's interest would be its second reported bet on an Indian startup this year, following AI company Sarvam, which MC Tech3 suggests indicates the IT services firm is increasingly willing to back companies building next-generation technology stacks rather than only providing services around them.
The report also points to a broader trend of former consumer-company founders backing deeptech ventures. Examples cited include Sachin Bansal's early investment in Ather, Mukesh Bansal's backing of Skyroot Aerospace, and Deepinder Goyal's current work on Temple and LAT Aerospace. If the round closes as reported, Agrani would join a small group of Indian deeptech companies that have raised $100 million-plus rounds, alongside Sarvam, Pixxel and Skyroot.
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