(Bloomberg) — A group of investors led by Blackstone Inc. plans to make an equity investment of up to $600 million in Indian artificial intelligence cloud startup Neysa.

Along with the equity raise, Neysa will seek to secure an additional $600 million of debt financing, according to a statement Monday. The company plans to use the funds to deploy more than 20,000 graphics processing units in India for AI training and high-performance applications.

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The announcement coincides with the start of the India AI Impact Summit, a gathering of AI industry leaders, government officials and investors that will discuss the future direction of the technology and showcase homegrown ventures. For Prime Minister Narendra Modi, the summit marks an opportunity to extol India’s virtues as a contender in the global AI race.

“This investment positions Neysa to play a meaningful role in advancing AI infrastructure in India and enables businesses and public institutions to deploy AI technologies more effectively,” Ganesh Mani, a senior managing director at Blackstone’s private equity business, said in the statement.

Blackstone, which enjoyed a winning run with its AI bets in 2025, plans to partner with Neysa co-founder and Chief Executive Officer Sharad Sanghi to accelerate Neysa’s growth, according to the statement. Other investors in the consortium include Teachers’ Venture Growth, TVS Capital, 360 ONE and Nexus.

Blackstone was among investors holding early talks to buy a stake in Neysa, people familiar with the matter said in November. It has been an active player in digital infrastructure globally, with investments including QTS, AirTrunk, CoreWeave Inc. and Firmus.

Founded in 2023, Neysa designs and develops AI systems in India. It provides GPU‑based AI infrastructure to firms in financial services, technology, health-care and the public sector. It faces competition from the likes of Bharti Airtel Ltd., which aims to capture a quarter of the fast-growing data center market in the country, according to Bloomberg Intelligence analyst Chris Muckensturm.

DC Advisory was the lead financial adviser to Neysa, while KPMG advised Blackstone. Talwar Thakore & Associates provided legal advice to Neysa, while Trilegal and Gibson & Dunn advised Blackstone.