US alternative asset manager Blackstone has finalised a structured investment deal with Mumbai-based AI cloud infrastructure startup Neysa. The transaction could enable the firm to eventually acquire a controlling stake, The Economic Times reported.
The deal involves Blackstone investing $50-75 million in an initial tranche for a significant minority holding, with contractual rights to increase its stake to a majority if Neysa meets specific business milestones, according to the report. The transaction values Neysa at around $300 million, though the exact equity being acquired in the first phase was not disclosed.
The investment is expected to be among the largest fundraises by an AI company in India and marks a strategic move for Blackstone, which is increasingly bullish on data centres and AI-led infrastructure globally. The firm already has exposure to Indian data centres through Lumina CloudInfra, its joint venture with Panchshil Realty.
Unlike conventional venture capital rounds, the investment has been structured as a milestone-linked, control-oriented deal, reflecting the heavy capital requirements and long investment cycles associated with AI infrastructure businesses.
Neysa’s existing investors include Z47 (formerly Matrix Partners India), Nexus Venture Partners, Blume Ventures and Japanese telecommunications holding company NTT. The company has raised about $50 million across two rounds so far and was last valued at $120-130 million.
The report added that SoftBank had also held talks for a potential growth investment, but it is not part of the current transaction.
Founded in 2023 by entrepreneur Sharad Sanghi and former Netmagic executive Anindya Das, Neysa provides GPU-led cloud compute capacity and software platforms that enable enterprises, startups and government clients to build, deploy and manage large-scale artificial intelligence applications.
India’s data centre sector is projected to attract more than $50 billion in investments over the next five to seven years, driven by global hyperscalers and large domestic conglomerates, alongside policy support from the Centre and several state governments.
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