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July 7 (Reuters) - AI4Bharat, a start-up backed by Microsoft (MSFT.O), is raising $12 million from venture capital firms Peak XV and Lightspeed Venture to develop artificial intelligence-powered chatbots for Indian languages, according to three people familiar with the matter. Most seed rounds are usually up to $1 million to $2 million. AI4Bharat, Peak XV and Lightspeed did not immediately respond to Reuters' requests for comment. The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its U.S.-based parent fund last month. Indian AI start-ups have raised $583 million this year, as of June, according to data from Venture Intelligence.
Persons: OpenAI's ChatGPT, Nandan Nilekani, Rudder, Yuvraj Malik Organizations: Microsoft, Lightspeed Venture, Indian Institute of Technology, Infosys, National Payments Corp, XV Partners, Sequoia Capital, SEA, Venture Intelligence, Thomson Locations: Madras, India, Sequoia Capital India, Bengaluru
Bloomberg | Bloomberg | Getty ImagesIndia's supreme court has set up an independent panel to investigate if there were regulatory failures related to allegations against the Adani Group , after a bombshell report from a U.S. short seller. The country's highest court directed a six member panel to probe "regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group," a Thursday court order said. India's Supreme Court action comes slightly over a month after Hindenburg Research released a lengthy report on Jan. 24, accusing Adani Group of stock manipulation and fraud. The panel will be headed by Justice Sapre, a retired judge of the Supreme Court. Both institutions told CNBC recently that their exposure to the Adani Group was manageable.
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