IOB expanded its dedicated Startup Banking Network by opening exclusive startup-focused branches in Delhi, Mumbai and Bengaluru, building on the success of its first specialised branch in Chennai.
The fund focuses on deep-tech sectors including AI, robotics, space, defence, cybersecurity, biotech, sustainability, and consumer innovation in India.
The investment includes equity capital of up to USD 600 million from Blackstone and participating investors, with Neysa planning to secure an additional USD 600 million in debt financing, subject to documentation.
The round also saw participation from Navam Capital and Anicut Capital, along with continued backing from Speciale Invest, Micelio Mobility, and IIMA Ventures.
The fresh capital will be used to establish a new manufacturing facility, expand production capacity, strengthen supply chain operations, and support early-stage product development.
The funding round was led by Neo Asset Management, with participation from existing investors including Blume Ventures, IndiaMART, Elev8, Analog Capital, and Kae Capital.
The USD 8 million round included USD 5 million in equity led by July Ventures with participation from Peak XV Partners, Accion Venture Lab, and Sadev Ventures, along with USD 3 million in debt financing from Trifecta and Vivriti.