Geospatial intelligence startup NeoGeo has raised $20 million in its Series A round as it looks to expand internationally, according to a senior executive at the company.
"We want to consolidate our position in the services we provide for urban governance, cross country infrastructure and natural resources management," said Brahmam GVS, co-founder and director, strategy at NeoGeo in an interview with Mint. “The second point is to do international expansion which is our primary focus right now.”
The Gurugram-based startup’s round was co-led by Aavishkaar Capital, the fund management business of Aavishkaar Group, and Neev Fund II, a sustainability-focused private equity fund managed by SBI Ventures Ltd, a subsidiary of State Bank of India. Aavishkaar Capital invested around ₹75 crore, with the balance coming from Neev Fund II.
NeoGeo plans to split the fresh capital equally across three priorities: deepening its domestic lead, funding international offices and building software products on top of a business that has largely operated as a systems integrator.
The company already has a presence in West Asia, and plans to open offices in Europe and the US within the next three months. While Indian companies expanding overseas have traditionally targeted the US first, geopolitical uncertainty over the past year has prompted several startups to make the Gulf their first international market.
For NeoGeo, the move into Europe is primarily because of how telecom is changing there. “A lot of their cabling for connectivity is still copper, which they're moving to optic fibre cables,” Brahmam said.
The US, despite being the world’s largest geospatial intelligence market, remains a secondary priority for now.
The opportunity is sizeable. India’s geospatial analytics market is estimated at $1.81 billion in 2026 and is projected to reach $3.55 billion by 2031, growing at a 14.43% compound annual growth rate, according to market intelligence firm Mordor Intelligence. Globally, the market is significantly larger, estimated to be at $108 billion this year and projected to grow at a 12.7% compound annual growth rate to $196 billion by 2031.
In India, NeoGeo has little competition, except for MapMyIndia, which raised $45 million in funding before it went public in 2021, and is now valued at around $600 million. Globally, the company competes with Stockholm-based Hexagon, Kokusai Kogyo (a part of the Japan-based MIRAIT ONE Corporation).
It's worth pointing out that the company has been profitable since FY21. The company's revenue in FY25 stood at $14.5 million, with a net profit of $2.3 million.
Strengthening local business
Consolidating its position in India means different things across NeoGeo’s three verticals.
In urban governance, the company builds digital twins of cities, starting with master plans and land-use decisions and then layering in real-time monitoring of pollution, flooding and property-tax leakages for municipal bodies. In infrastructure, it maps and manages assets such as highways, pipelines and power transmission lines, integrating information technology with operational technology so operators can track asset health.
“For us, majority comes from the two sectors — one is cross country infrastructure, because that has multiple of the infrastructure players, and second one is the urban government,” Brahmam said, describing where most of NeoGeo's revenue currently comes from.
NeoGeo is also looking to platformise its services, a shift it expects will help scale the business. As a systems integrator, the company currently earns revenue largely on a project-by-project basis. Around 60-70% of customer requirements, however, are similar across the projects it handles.
“Instead of just being reactive to customers' needs, we can become proactive,” Brahmam said. “At the core, it'll become a ready-to-deploy platform. Every region however, has its own functionalities and nuances, so we'll add those as we go.”