India AI startups see funding talks for MStack, Simplismart
Big money is flowing into India's AI scene.
MStack AI, focused on using artificial intelligence for chemical research and development and manufacturing, is in advanced discussions to raise at least $30 million, with the round potentially rising to $40-50 million, at around a $230 million pre-money valuation.
Simplismart, which works on generative AI technology, is also in talks for a $50 million funding round.
MStack valuation could rise to $260 million-$280 million
MStack's new funding includes likely contributions from existing investors Alpha Wave and Lightspeed, with Prosperity7 Ventures possibly joining in. Their valuation could jump to around $260 million to $280 million after the deal.
Over at Simplismart, Peak XV Partners is in talks to join as a new investor with a likely investment of around $30 million, while NVIDIA is in discussions and could participate in the round, while existing investors like Accel are expected to provide the remaining capital.
These deals are part of a wave of big investments in Indian AI startups (think Sarvam AI raising $300 million and Emergent pulling in $130 million), which shows just how hot the country's tech scene is getting right now.