Are India’s govt-backed AI startups doing well?India’s $1.2-billion AI Mission, in its 26 months of existence, approved funding in the form of compute infrastructure and additional cash for 12 startups. Of these, the three firms of note are Peak XV and Lightspeed-backed startup Sarvam, publicly-listed Fractal Analytics, and Maker’s Lab–a unit of Tech Mahindra, India’s fifth-largest IT services company. An April report by Bloomberg pegged Sarvam discussing a potential fundraise at a $1.5 billion valuation. Fractal, which went public on 16 February, has a market cap of $1.6 billion, while Tech Mahindra is valued at $14.6 billion. None, however, have…