COMPANY INTELLIGENCE PROFILE
Mindgrove Technologies Private Limited
Mindgrove Technologies is a Chennai-based fabless semiconductor design startup (incorporated Feb 2021) building System-on-Chips (SoCs) designed entirely in-house in India.
Mindgrove Technologies, a Chennai-based startup, was incorporated in February 2021. It specializes in the design of System-on-Chip (SoC) solutions for various applications, including IoT and edge computing. Recognized by DPIIT, it received ₹15 crore under India's incentive scheme for semiconductor design. The company, with around 36 employees, recently raised US$8 million in a Series A funding round co-led by Rocketship.vc and Speciale Invest.
AI-generated, may contain errors.
Business Overview
- Mindgrove Technologies is a Chennai-based fabless semiconductor design startup, incorporated Feb 2021, building System-on-Chips (SoCs) designed entirely in-house in India.
- Product lines per its official site, mindgrovetech.in: "Secure IoT", 28nm, 700MHz low-power SoC for IoT/embedded devices with hardware-accelerated encryption — marketed as India's first indigenous SoC for IoT, "Vision SoC", GHz-class processors for edge computing/computer vision, models V2600/V2601, and an "Edge Compute" AI-inference processor line, listed as coming soon.
- Target applications: automotive, ADAS/infotainment, wearables, industrial automation, vision/camera systems, smart home and security devices.
- The company is a DPIIT-recognised startup and has reportedly received ₹15 crore under India's Design-Linked Incentive (DLI) scheme for semiconductor design, per news coverage — partial/unconfirmed, single-source.
Sector & Classification
NIC U29100 — "Manufacture of Machinery and Equipment n.e.c." per MCA/CIN classification (Tofler). Note: this is the MCA registry classification code, not descriptive of actual operations — the company actually operates as a fabless semiconductor (SoC/chip) design firm, not a machinery manufacturer (classic MCA-NIC vs real-business mismatch).
Directors & Key Management
Directors — source notes
Per Tofler and TheCompanyCheck (names confirmed by both; DINs per Tofler only — treat DINs as partial/single-source): - Thirukkarugavoor Ramkumar Shashwath — Director, DIN 09034727, appointed 05 Feb 2021 (co-founder per press coverage: "Shashwath T.R.") - Jagathrakshakan Sharan Srinivas — Director, DIN 09163295, appointed 01 May 2021 (co-founder per press coverage: "Sharan Srinivas J.") - Srinivasan Sharanya — Director, DIN 09055513, appointed 05 Feb 2021 - Parthasarathy Namakal Srinivasan — Nominee Director, DIN 00146954, appointed 31 Mar 2025 - Vishesh Rajaram (also spelled "Visesh Rajaram" in one source) — Nominee Director, DIN 01474286, appointed 31 Mar 2025 (likely representing an investor board seat, e.g. Speciale Invest — not independently confirmed)
GST Registrations
Primary GSTIN: 33AAOCM2751M1Z4 — Tamil Nadu (state code 33), confirmed by two independent sources (knowyourgst.com individual GSTIN page and mastersindia.co), and internally consistent with the PAN (AAOCM2751M) reported by Tofler. Home state: Tamil Nadu. Number of registrations: only one GSTIN found (Tamil Nadu) — no evidence of multi-state registration; status: appears active (not explicitly stated as cancelled anywhere) but explicit "Active" status label not directly captured — treat status as partial.
Financials
Mindgrove Technologies Private Limited reported a revenue of approximately ₹3 crore for FY2025, marking a 345% year-on-year increase. The company has around 36 employees. Financial details like EBITDA and PAT are not disclosed.
AI-generated, may contain errors.
| FY2025, period ended 31 March 2025, per TheCompanyCheck, single source — treat as partial pending corroboration: | |
| Revenue | ~₹3 crore, reported up 345% YoY |
| EBITDA | not disclosed, locked/premium on source |
| PAT | not disclosed, locked/premium on source |
| Net worth | not obtained |
| Borrowings | charges data shows a satisfied charge of ₹40 lakh, State Bank of India, satisfied 08 Apr 2024, and an open charge of ₹4 lakh, since 09 Jun 2023, — see charges section |
| Auditor | G N & Co, Chartered Accountants (FY2024) |
| Employees | ~36, EPFO filing basis, as of Sep 2025, per TheCompanyCheck |
| Not stated whether standalone or consolidated; likely standalone given company size and no visible subsidiaries. | |
Funding History
- Confirmed via multiple independent news sources, mystartupworld.com, marcamoney.com, startupstorymedia.com, deepnewz.com, communicationstoday.co.in, electronicsforyou.biz, analyticsindiamag.com, evertiq.com, semiiphub.com — high corroboration:
- Series A: US$8 million (~₹64–68 crore), announced ~10 January 2025, co-led by Rocketship.vc and Speciale Invest
- Participation from Mela Ventures, Peak XV Partners, Whiteboard Capital, and angel investors Nishchay Goel and Anshul Goel. Use of funds: scale production/sales of the Secure IoT chip, expand workforce and engineering capability.
- Seed round: US$2.325 million, reported as raised in early 2023, source: same news cluster — not independently re-verified on a second distinct outlet, treat as partial.
- Aggregate/valuation: one data aggregator, PremierAlts, via search snippet only, not directly fetched/verified, cites total funding of ~$12.2M and a valuation of ~$24.2M — unconfirmed, single indirect source, flagged as low-confidence.
- Round names/terminology (Series A, Seed) corroborated by press; Tracxn itself could not be directly fetched (404) so was not used beyond the indirect aggregator snippet.
Loans & Charges
- Per TheCompanyCheck, single source, not cross-verified elsewhere:
- Open charge: ₹4 lakh, lender not fully identified ("Others"), open since 09 Jun 2023
- Satisfied charge: ₹40 lakh, lender State Bank of India, satisfied 08 Apr 2024
- Treat both as partial/unconfirmed pending a second source.
Competitive Landscape
- Indian fabless/RISC-V semiconductor design peers, roughly comparable early-stage scale, seed–Series A, sub-100 employees, unless noted:
- 1. InCore Semiconductors (Bengaluru) — RISC-V processor IP/SoC design startup, similar early stage.
- 2. Saankhya Labs (Bengaluru) — fabless semiconductor, broadcast/wireless DSP chips, more mature/larger scale, some strategic/PE backing.
- 3. SignalChip (Bengaluru) — fabless semiconductor for cellular/wireless baseband chips, similar early-growth stage.
- 4. VerveSemi Microelectronics (Bengaluru) — analog/mixed-signal fabless design house, comparable small scale.
- 5. Netrasemi (Bengaluru) — AI/vision SoC and edge-AI chip design, directly comparable product focus (vision SoCs) and similar scale.
- 6. MosChip Technologies, Hyderabad, listed on BSE/NSE, — larger, publicly listed semiconductor design services company
- Included as an upmarket/listed-scale reference point rather than a direct-stage peer.
- Note: exact revenue/scale comparisons not independently verified for all peers; listed for category/positioning purposes.
Frequently Asked Questions
What does Mindgrove Technologies do?
Mindgrove Technologies is a Chennai-based fabless semiconductor design startup building System-on-Chips (SoCs). They focus on products like the Secure IoT SoC, Vision SoC, and Edge Compute AI-inference processors for applications such as automotive, wearables, and industrial automation.
What is the CIN of Mindgrove Technologies?
The Corporate Identification Number (CIN) of Mindgrove Technologies is U29100TN2021PTC141187.
What is the GSTIN of Mindgrove Technologies?
The Goods and Services Tax Identification Number (GSTIN) of Mindgrove Technologies is 33AAOCM2751M1Z4, registered in Tamil Nadu.
When was Mindgrove Technologies incorporated?
Mindgrove Technologies was incorporated on 05 February 2021.
Where is the registered office of Mindgrove Technologies located?
The registered office of Mindgrove Technologies is located at No. 12B, Vedanta Desikar Swamy Street, Mylapore, Chennai, Tamil Nadu, India to 600004.
Information compiled from public registry and secondary sources. It may be incomplete or dated; verify independently before relying on it.