Krutrim's infrastructure thesis is starting to look like its real business

Krutrim raised at a unicorn valuation on the strength of its model, but two-thirds of the latest round is earmarked for infrastructure, not research. That ratio tells you where the company actually sees its moat.

Building sovereign AI compute in India is not a feature competitors can copy from a paper. It is a multi-year capital and policy game. The companies that win it will look more like utilities than like research labs.