Mumbai-based AI cloud services startup Neysa is betting that India’s next wave of data centre and AI adoption will be powered less by hype and more by sheer demand for compute.
Co-founder and CEO Sharad Sanghi says the company expects its revenue to “at least triple” in the next fiscal year, driven by ongoing deal talks and what he calls policy tailwinds, specifically, a tax holiday announced for global players setting up data centres in India that runs until 2047.
The funding: $1.2 billion, split across equity and debt
On February 16, Neysa announced an agreement to raise $1.2 billion, led by Blackstone, with co-investors TVS Capital, 360 ONE Assets, and Nexus Ventures. The capital is split equally between equity and debt, $600 million each.
Sanghi frames the fundraise as a “war chest” meant to stay flexible: capital that can be drawn down as demand materialises across enterprises, startups and unicorns, research and education, and government-backed programmes including the IndiaAI Mission.
Who Neysa is talking to?
Beyond cloud providers and SaaS companies, Sanghi says Neysa is in discussions with “coding companies” and US-headquartered AI firms including Perplexity, OpenAI and Anthropic, as these companies expand their India footprint for R&D and enterprise AI solutions.
He did not disclose revenue figures, but he did offer a clear expectation: “more than triple our revenue next fiscal year,” with upside if large deals close.
The infrastructure push: from 1,200 GPUs to 20,000
A large share of the fresh funding, Neysa says, will go into expanding its GPU cluster, adding AI compute infrastructure, network-based storage, and also investing in platform software and go-to-market work.
Neysa plans to increase its GPUs from 1,200 to 20,000 units over the next 18 months.
Sanghi also offered his view of the wider market sizing: he believes India currently has 50,000–60,000 GPUs, and that number could grow 30x over the next two to three years to 2 million GPUs . Neysa’s goal, he said, is to hold a “sizable chunk” of that growth.
Global plans postponed, then re-routed through Asia
Interestingly, Neysa’s expansion playbook has been reshuffled by India itself. The company had planned to serve global markets, but a sudden surge in domestic demand has pushed those plans back . Sanghi added that demand is also surfacing in other Asian markets such as Malaysia.
With Blackstone set to acquire a majority stake, Neysa expects access to the private equity firm’s AirTrunk data centres in other geographies, and Sanghi says he will look to expand into Asian countries including Malaysia and Japan, before entering some European markets .
What Neysa sells: orchestration, GPU-as-a-service, cloud, and a model catalogue
Neysa’s AI infrastructure stack includes an orchestration platform, GPU-as-a-service, and cloud services.
Its core product, the Velocis cloud platform, added a catalogue of AI models last year, including OpenAI’s GPT-OSS models, alongside model families such as Llama, DeepSeek, Qwen, and Mistral . The platform allows customers to choose models based on the use cases they want to build.
Track record, founders, and IndiaAI Mission linkage
Founded in 2024, Neysa is Sanghi’s second venture . He co-founded it with Anindya Das (CTO) and BV Jagadeesh (chairman). Sanghi earlier founded Netmagic Solutions, a data centre solutions provider later acquired by NTT.
Before the $1.2 billion agreement, Neysa had raised $50 million, co-led by NTTVC, Z47 (formerly Matrix Partners India), and Nexus Venture Partners.
In September, Neysa was empanelled under the IndiaAI Mission as an approved cloud service provider, enabling it to offer GPUs. Sanghi also said the startup is awaiting results of a new bidding round dated January 19 under the mission and has executed multiple projects, some implemented, others underway.
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