Neysa, a Mumbai-based startup specializing in artificial intelligence (AI) cloud and platform-as-a-service, raised $30 million (approximately Rs 252 crore) in a funding round. Its existing investors co-led this round, including US-based venture capital firm NTTVC, Z47 (previously Matrix Partners India), and Nexus Venture Partners.
The company, founded by Sharad Sanghi, who also established Netmagic, plans to use these funds to expand its infrastructure. Additionally, the funds will drive research and development to make scalable AI solutions more accessible.
This new funding follows a $20 million round in April.
Founded in 2023 by Sanghi and Anindya Das, Neysa provides a wide range of generative AI platforms and services. These solutions help clients manage their AI projects while ensuring security in cloud and edge environments.
In July, the company launched its flagship platform, Velocis, which offers on-demand access to high-performance computing infrastructure.
Neysa serves around 12 customers, including AI-focused digital natives, media and entertainment companies, service providers, software vendors, and public sector organizations.
“We are seeing a lot of traction from overseas, including countries like the US, Europe, Japan, and the Middle East. So, we will look at overseas markets very soon. Currently, we are seeing great demand from the Indian market itself,” said Sanghi.
The startup projects a 200-300% growth next year, with plans to nearly triple its revenue.
“Next year will be much bigger than this year, not only because we will have a full 12 months of operations but also because the demand-supply dynamics are in our favour. There is more demand in the market than the supply of graphics processing units (GPUs). That’s why we believe that next year will be three times this year,” Sanghi said.
Vab Goel, founding partner at NTTVC, commented on the investment and said, “The team’s innovation and commitment to accelerating Gen AI solutions are creating a significant impact in the region’s tech ecosystem. We have seen firsthand how Sharad built India’s largest data centre company from inception. His experience and track record are a critical differentiator in building and scaling the next-generation Gen AI cloud provider.”
Avnish Bajaj, founder and managing director of Z47, said, “Neysa finds itself in the enviable position of having more demand than any other company I have seen at a similar stage and is a catalyst for digital transformation, not just an AI provider.”
