The February window ↗
The RBI removed the ECB cost ceiling; foreign private credit can now price Indian GPU risk.
India desk
Pricing, capacity, and credit readiness for the Indian compute market. The reference data behind the India Compute Credit Monitor.
Neocloud leaderboard
Indian GPU cloud providers ranked by the SGC Composite: fleet scale, current-generation share, price competitiveness, and disclosure quality.
| Rank | Provider | Fleet focus | H100 on-demand (₹/GPU-hr) | vs last week | SGC Composite (0–100) |
|---|---|---|---|---|---|
| 1 | Yotta (Shakti Cloud) | H100 · H200 · B200 ordered | 220 | ↓ 2.1% | 82 |
| 2 | E2E Networks | H100 · H200 · A100 | 245 | — | 78 |
| 3 | Neysa (Velocis) | H100 · H200 | 238 | ↓ 0.8% | 76 |
| 4 | NxtGen | H100 · L40S | 260 | — | 64 |
| 5 | AceCloud | H100 · A100 | 235 | ↑ 1.3% | 61 |
| 6 | Cyfuture AI | H100 · L4 | 255 | — | 58 |
| 7 | NeevCloud | H100 · GB200 announced | 250 | — | 55 |
| 8 | Jarvislabs | H100 · A100 · RTX | 265 | ↑ 0.9% | 52 |
Indicative v0 values from public rate cards and collected quotes. Provider-verified data replaces them as submissions open. Providers: submit rates ↗
Prices
GPU rental
| GPU | On-demand | 6-mo reserved | 12-mo reserved |
|---|---|---|---|
| H100 80GB | ₹220–265 | ₹180–210 | ₹150–185 |
| H200 141GB | ₹280–330 | ₹240–280 | ₹210–250 |
| A100 80GB | ₹110–170 | ₹95–140 | ₹80–120 |
| L40S | ₹90–120 | ₹75–100 | ₹65–90 |
IndiaAI Mission reference
| Reference | Rate | Note |
|---|---|---|
| H100-class subsidised end-user rate | ₹65–100/hr | Rate card, not an offtake |
| H100-class provider-realised L1 | ₹115–150/hr | Rate card, not an offtake |
Global reference & colocation
| Market | Reference price |
|---|---|
| H100 global marketplace spot | $1.35–2.10/hr ≈ ₹113–176 |
| H100 US contract (multi-yr, hyperscale) | $4.50–6.16/hr |
| India colo, Mumbai | ₹7,500–9,500 /kW/mo |
| India colo, Chennai | ₹6,800–8,800 /kW/mo |
| India colo, liquid-cooling-ready | +15–25% premium |
FX at ₹83.8/$. Sources and collection rules in the methodology.
Charts
H100 in India, 12 months
Indian on-demand H100 pricing holds a 70–100% premium over global spot. New fleets are financed, or not, out of that gap.
One GPU-hour, five markets
A 4.5× spread from top to bottom. Contracts, not chips, are the asset: read the note.
Credit
Indian capital is bifurcated. The top five operators raise sponsor-scale money: Neysa's Blackstone-led $1.2bn package, Yotta's ₹16,000cr family-backed plan, L&T's ₹1,407cr position in E2E, IFC's $371m for Sify. Below them sits a $5–100m mid-market with no purpose-built GPU credit product. That gap, not demand, is the Indian story. The February ECB reform removed the regulatory reason for it.
The lender pool after February 2026
| Lender class | Route | What it solves |
|---|---|---|
| Foreign private credit | Liberalised ECB, ceiling removed Feb 2026 | Prices GPU risk at market; size to $1bn |
| DFIs | Direct (IFC–Sify precedent, $371m) | Anchor credibility, long tenor |
| Domestic Cat II AIFs | SEBI-regulated private credit, ~$12bn today | Rupee lending, movable security via trustee |
| OEM captives (Dell, HPE, Lenovo FS) | Already operating in India | Repossession and remarketing in-house |
| Banks | Balance-sheet lending, GPUs as plant & machinery | Cheap, but no credit for collateral or offtake quality |
Financeability benchmarks
| Term | Global benchmark |
|---|---|
| Loan-to-value, senior | 60–75% |
| Senior rate, new operator | 12–15%+ |
| Tenor, amortizing | 3–5 yr |
| Minimum DSCR | 1.2–1.5× |
| Breakeven utilisation | ~70% |
| India bear-case H100 rate | ₹115–150/hr (L1) |
Stress-test convention: DSCR at ≤70% utilisation and bottom-of-waterfall rates. Rationale in the utilisation note.
What already works here
| Precedent | Why it matters |
|---|---|
| ESDS–SharonAI $1.25bn, 5-yr compute MSA with $140m LC | Indian entities already sign global-standard offtakes with bank credit enhancement |
| GPUs at 0% basic customs duty | Indian collateral tracks global residual curves; recovery is an export transaction |
| GIFT City aircraft and ship leasing | The notified-product template a compute lessor would reuse; GPUs not yet notified |
| Data centres hold infrastructure status | Long-tenor domestic financing access; 100% automatic-route FDI |
Open questions the desk tracks: financeable 36-month take-or-pay from Indian enterprises, fully hedged INR-equivalent debt cost vs domestic alternatives, and the first repossession precedent. Coverage continues in the notes below.
The India prospectus
India Compute Credit Monitor
A quarterly institutional brief on rates, utilisation, residuals, and covenant intelligence for lenders and investors underwriting Indian compute. By application.
Request the prospectus ↗