Neysa, an Indian AI startup, has raised $30 million in an all-equity Series A round as it seeks to position itself against global hyperscalers like AWS, Google Cloud Platform, and Microsoft Azure. The round was co-led by NTTVC, Z47 (formerly Matrix Partners India), and Nexus Venture Partners, following a $20 million seed round earlier this year. Neysa, led by entrepreneur Sharad Sanghi, focuses on providing AI and machine learning infrastructure, aiming to cater to the growing demand for AI solutions in India.
India’s AI market is projected to reach $17 billion by 2027, according to a report by Nasscom and BCG, making it a fertile ground for AI-driven ventures. Neysa is positioning itself to capitalize on this growth by offering infrastructure and platform-as-a-service solutions tailored to local and multinational enterprises. Its flagship platform, Velocis, launched in July, offers on-demand computing infrastructure, and the startup plans to expand its offerings with a developer platform and inference-as-a-service by year-end.
Sanghi, who founded Neysa with Anindya Das after resigning as the CEO of data center provider Netmagic in June 2023, highlighted the flexibility of Neysa’s services as a key differentiator. The startup provides both public cloud and private clusters, built on open-source platforms, allowing clients to avoid vendor lock-in. Neysa also offers consulting services to help businesses optimize their AI infrastructure, ensuring that they don’t overspend on unnecessary resources.
With a current headcount of 55, Neysa plans to expand its team, focusing on engineering and sales to drive growth. The startup currently serves around 12 paying customers, with 70% opting for private clusters. Its clientele includes research institutes, AI-native startups, and enterprises in the banking, manufacturing, and media sectors.
Neysa aims to use the new funds to bolster its infrastructure, enhance R&D, and prepare for a broader market launch. The startup also plans to introduce an integrated Gen AI acceleration cloud service and has begun discussions for its next round of funding, which is expected to close in the next six to nine months.
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