Decoding Neysa’s Series A round, valuation and shareholding pattern

Generative AI startup Neysa raised $30 million in its Series A round led by NTT Venture Capital with the participation of Nexus Venture Partners, Z47 (formerly Matrix Partners India), Anchorage Capital, Rajesh  Kumar Dugar. The company’s founder and CEO Sharad Sanghi and CPO Karan Kirpalani also joined the round announced in October last year.

The Neysa’s board has allotted 1,11,532 Series A compulsory convertible preference shares at an issue price of Rs 20,430, the company also allotted 12,592 equity shares to collectively raise Rs 252 crore or $30 million, its regulatory filing accesses from Registrar of Companies (RoC) shows.

NTT Ventures led the round with Rs 75.67 crore or $8.9 million followed by Nexus Venture Partners and Z47 (formerly Matrix Partners India) contributed with Rs 67.26 crore ($7.9 million) each. 

Anchorage Capital invested Rs 16.8 crore while Sharad Sanghi also allotted Rs 25.22 crore worth of equity shares, the rest of the amount was contributed by other individuals.

The new capital will help Neysa scale its AI infrastructure, enhance research and development, and prepare for the launch of its Gen AI acceleration cloud service, as per the company.

Recently, the company allotted equity shares worth Rs 20 crore to founder Sharad Sanghi and Anchorage Capital. The shareholding and valuation figures are based on data following this latest allotment.

Notably, the conversion of Series A shares will be 1:2, as per their terms, According to Entrackr’s estimates, the company will be valued at around Rs 1,090 crore or $128 million (post-allotment).

Neysa is an AI cloud and platform-as-a-service (PaaS) startup that enables users to manage and scale Generative AI projects in the cloud. Its offerings include Nebula, a platform for deploying and scaling AI workloads; Palvera, which streamlines network intelligence; and Aegis, designed to secure AI/ML ecosystems against emerging threats.

The Mumbai-based startup has raised $50 million to date including its $20 million seed round. According to startup data intelligence platform TheKredible, Nexus Venture Partners and Z47 are the largest external shareholders in the company, each holding a 16.22% stake. NTT VC and Anchorage Capital hold 14.83% and 4.32%, respectively. The company’s founders, Sharad Sanghi and Aninya Das, collectively own a 43.09% stake.

Neysa has not reported any operating revenue till FY24 but earned interest income from fixed deposits with banks and security deposits amounting to Rs 13.87 lakhs during the fiscal year ending March 2024. The company incurred a net loss of Rs 3.1 crore in the same period.