Unlisted private company · CIN U74999UP2017PTC093961 (per Tofler URL) · No ticker, no exchange, no CMP, no market cap · Report date 15 Oct 2026
| Legal name | Vervesemi Microelectronics Private Limited |
| Status | Unlisted private company; no public market price [Fact] |
| HQ / registered office | Trustone Artha SEZ, Plot 21, Tech Zone 4, Greater Noida, Uttar Pradesh (Noida region); a Bangalore facility is mentioned in one or two profiles only [Fact, secondary] |
| Founded | 2017. One profile says incorporated June 2017; co-founder Pratap Singh's profile says November 2017 (discrepancy) |
| Founders | Rakesh Malik (CEO) and Pratap Narayan Singh (CTO) |
| Sector | Fabless analog & mixed-signal ICs and semiconductor IP; ML-enhanced analog signal chain |
| Employees | 45 (Inc42, as of Feb 2026) [Fact, secondary] |
| Shareholders | 33 on Inc42 cap table; top 3: Pratap Narayan Singh (39.2%), Rakesh Malik, Ashish Kacholia |
| Government programmes | Design Linked Incentive (DLI) scheme; Chips-to-Startup (C2S) programme |
| Data freshness | Research as of 15 Oct 2026; latest company-specific news found: Feb–Mar 2026 funding coverage |
VerveSemi designs analog and mixed-signal chips — the components that convert real-world signals (voltage, current, motion, temperature, weight) into digital data, and drive motors and power stages. It sells in two ways: (1) licensing IP blocks (data converters, clocking, amplifiers, filters) to chip companies abroad, and (2) increasingly its own ASICs/ICs for motor control, smart-energy metering, weighing/bridge sensors and space/avionics data acquisition.
Its differentiator is an ML-assisted correction scheme embedded in silicon that learns analog imperfections and corrects them digitally — claimed to be silicon-validated with multiple customers entering production [Fact: company claim]. There is no independent technical validation in the public domain.
The Feb 2026 $10M round funds the move from an IP-licensing/services-like revenue base (~₹14 Cr) to volume ICs targeted for late 2026 / early 2027.
Badges are the analyst's view. For an unlisted entity, “Valuation” is an inference from third-party estimates, not a market price.
Our read, before the data tabs. All views are [Analyst View] unless labelled.
What just happened. On 18 Feb 2026 VerveSemi announced a $10M (~₹90 Cr) Series A co-led by Ashish Kacholia and Unicorn India Ventures, with Roots Ventures, Caperize Fina, MAIQ Growth Scheme and HNIs, and a claim of being “oversubscribed multiple times”. For a company whose FY25 revenue is a reported ₹13.7–16.4 Cr, this is roughly 6x annual sales in fresh cash [Est.]. That is a transformational balance sheet for a 45-person firm — and the central question is whether it can convert design IP into shipped, recurring silicon.
What the market (private market) is pricing. No valuation was disclosed. Dealroom's third-party estimate is $25–50M post-money ([Est.], unverified). On the reported FY25 revenue that is ~17–33x sales and ~67–134x trailing PAT. That is a growth-option price: investors are paying for the ISM/DLI tailwind, a scarce Indian analog IP portfolio, and a product roadmap, not for current earnings.
The financial picture is thinner and noisier than the headlines. The only multi-year P&L we found (UnlistedZone, secondary) shows revenue ₹8.05 Cr (FY23) → ₹14.67 Cr (FY24) → ₹13.70 Cr (FY25), EBITDA ₹0.58 / 6.30 / 2.24 Cr and PAT ₹0.32 / 5.06 / 3.39 Cr. Three things stand out: (i) FY24's 43% EBITDA margin is almost certainly IP-licensing/one-off flavoured, not a run-rate for an ASIC business; (ii) FY25 revenue fell ~6.6% while EBITDA fell 64% — lumpy IP revenue; (iii) FY25 PAT (₹3.39 Cr) exceeds EBITDA (₹2.24 Cr), implying other income (treasury yield, grant/DLI-type income) or a tax credit of >₹1 Cr — this needs the notes to accounts. Inc42 separately shows FY25 revenue of ₹16.4 Cr+, possibly total income including other income. We cannot reconcile them without the AOC-4/XBRL filing.
What tempers the enthusiasm. (1) Execution timing: the August 2025 roadmap promised sampling of weighing-scale and smart-metering ASICs by end-2025 and a BLDC chipset with production in Q4 2026 / early 2027. We found no public confirmation that any milestone was met as of 15 Oct 2026. (2) Customer disclosure is nil: no named customer, no named design win, no order book. (3) Analog is a design-win-and-qualification business with 12–36-month ramps; space/avionics qualification is slower still. (4) Revenue mix is likely to dip before it rises as IP-licence revenue is replaced by ASIC NRE and volume.
What amplifies it. India is the rare large market where policy is actively paying for chip design (DLI) and where ISM 2.0 (Budget Feb 2026; ~₹1.25 lakh Cr outlay cleared mid-2026) explicitly widens support to IP and full-stack Indian design. VerveSemi is described by multiple outlets as among the first cohort approved under DLI, plus a C2S project (BLDC motor controller) awarded 20 Mar 2025. Its PN Singh brings a ST/Wolfson analog-design pedigree. The company reportedly ships IP to Europe, Japan and the US, which is rare for an Indian startup and means some revenue is already export-validated [Fact: company/press claim].
Bottom line. A credible niche analog design house with unusually good policy and capital tailwinds, valued on option value. For us it is a watchlist / information-gathering name: pull the FY24 and FY25 ROC filings, ask for the BLDC/metering sampling status, and see whether H2 FY27 shows the first volume revenue. Absent those, we would not underwrite the valuation.
Source: company claims via trade press and PIB/MeitY-linked releases; company website could not be fetched.
| Stream | What | Customers | Evidence |
|---|---|---|---|
| IP licensing | Analog/mixed-signal IP blocks: clocking, ADCs, DACs, VGAs, programmable-gain stages, precision filters (high-speed & high-precision converters) | Semiconductor IDMs, fabless firms, foundries, product companies; IP reportedly shipped to Europe, Japan, US | Company site pages hsadcip/hpadcip; Tracxn profile summary |
| Own ASIC / IC products | 25 IC variants/SKUs: motor control, BLDC controller chipset, weighing scale & bridge sensor, smart-energy metering, data acquisition (space/avionics) | EV, drones, industrial automation, appliances, smart-grid, aerospace & defence | PIB/MeitY Aug 2025; EE Times India; Machine Maker |
| Design services / NRE | Custom ASIC engagements (inferred from “ASICs for sensors and wireless”) | Not disclosed | Tracxn/Tofler descriptor; [Est.] |
| Government projects | C2S BLDC motor-controller ASIC project (awarded 20 Mar 2025); DLI support | MeitY | DD News / IANS / PIB |
Revenue split between IP licensing, ASIC product, and services/grants: Not Available — not found in any source searched.
| Date | IP blocks | IC SKUs | Patents | Trade secrets |
|---|---|---|---|---|
| Aug 2025 (PIB / EE Times) | 110+ | 25 | 10 | 5 |
| Feb 2026 (Series A release) | 140+ | 25 | “10+” (some outlets) | NA |
[Est.] The jump from 110+ to 140+ blocks in ~6 months implies ~30 new blocks, or a change in counting method; we cannot tell which. [Analyst View] IP-block count is a weak quality metric — revenue per block and re-use in shipped silicon matter more.
| Item | Detail | Confidence |
|---|---|---|
| Model | Fabless: designs only; foundry, packaging, test outsourced (“partners with foundries and packaging/test vendors”, no names in profile) | Fact (secondary) |
| UMC 55nm | Data-acquisition and precision motor-control ICs (Kashmir Despatch product table) | Secondary, treat with caution |
| UMC 110nm | BLDC controller chipset (RISC-V MCU + quad gate driver with DC-DC + power MOSFET) | Secondary; also in DD/Sahyadri coverage |
| Samsung Foundry / UMC IP alliance | Entrackr reportedly describes VerveSemi as an IP alliance partner in Samsung's foundry ecosystem and a UMC IP alliance partner | Single-source summary; unverified |
| SCL Mohali / Tower / GF | No evidence of relationship found | Not Available |
| Own fab / OSAT | None. Greater Noida SEZ premises are an R&D design centre; area / lab capacity Not Available | — |
No segment revenue/EBITDA is disclosed. This tab maps product lines to end markets and tracks stated timelines against Today = 15 Oct 2026.
| Product line | Description | End markets | Node / foundry | Stated timing | Status at 15-Oct-26 |
|---|---|---|---|---|---|
| ML-enhanced data converters & signal chain | ADCs/DACs, VGAs, PGAs, filters, clocking; high-speed (radar-class) and high-precision families | Space, defence, industrial, radar, instrumentation | IP; hardened in 55nm UMC (secondary) | Ongoing IP sales; ICs in evaluation/qualification | Customer production claimed; unverified |
| BLDC controller chipset | RISC-V MCU, quad gate driver + DC-DC, power MOSFET; C2S-funded | Fans, exhausts, appliances | UMC 110nm | Samples 2026; production Q4 2026 | Controller in fab, gate-driver/MOSFET chip fabricated and in customer evaluation (per 2025-26 coverage); no later update found |
| Precision motor-control ASIC | High-end motor control | EVs, drones, industrial automation | 55nm UMC (secondary) | 2026–27 | No update found |
| Weighing scale & bridge-sensor interface ASIC | Sensor AFE for load cells | Retail/industrial weighing, sensing | NA | Sampling end-2025 | Not confirmed; date has passed |
| Smart-energy metering ASIC | Multi-channel ultra-accurate metering | Smart meters / grid (RDSS tailwind) | NA | Sampling end-2025 | Not confirmed; date has passed |
| AI-enhanced data-acquisition ASIC | Mission-critical DAQ | Space, avionics | 55nm UMC (secondary) | Engineering samples 2026 | No update found |
| Avionics-grade controller | Mentioned in Entrepreneur India launch list | Avionics | NA | NA | No datasheet found |
[Analyst View] Segment growth cannot be measured. Directionally, motor control (EV/appliance BLDC) and smart-energy metering have the largest Indian demand pull and policy support; space/avionics offers margin but slow qualification. The IP-licensing line appears lumpy: consolidated revenue fell 6.6% in FY25 after +82% in FY24.
Standalone Indian private company. FY ends 31 March. ₹ Crore. Unaudited, secondary-source data — Tofler / Zauba / MCA filings could not be opened.
| ₹ Cr | FY23 | FY24 | FY25 | Note |
|---|---|---|---|---|
| Revenue (UnlistedZone) | 8.05 | 14.67 | 13.70 | Fact (secondary) |
| Revenue growth YoY | NA | +82.2% | -6.6% | Est. (calc) |
| Revenue (Inc42) | NA | NA | 16.4+ | Fact (secondary); +11.8% vs FY24 if 14.67 [Est.] |
| EBITDA | 0.58 | 6.30 | 2.24 | Fact (secondary) |
| EBITDA margin | 7.2% | 42.9% | 16.4% | Est. (calc) |
| PAT | 0.32 | 5.06 | 3.39 | Fact (secondary) |
| PAT margin | 4.0% | 34.5% | 24.7% | Est. (calc) |
| FY23–25 revenue CAGR | +30.5% [Est.] | On 8.05 → 13.70 | ||
Inc42 financials/cap table, Tofler, Tracxn (company and legal-entity pages), UnlistedZone, Entrackr, CB Insights, Dealroom, Preqin, YourStory, Briter. Tofler page shows only a revenue band; Tracxn gives bands and an unusable table; Zauba / MCA V3 documents (AOC-4, MGT-7) were not accessible. Action item: purchase AOC-4 (FY23–FY25) & charge/director data from MCA for the verified figures.
Replaces the listed-company balance-sheet / dilution / shareholding-trend tab.
| Date | Round | Amount | Investors | Source / note |
|---|---|---|---|---|
| 2017–2025 | Pre-Series A | Reportedly ~$0.5M | Angel individual(s) + some funds per CB Insights; not named | One search summary says “previously raised $500,000”; Inc42 lists only one round — conflict, unverified |
| 17–20 Feb 2026 | Series A | $10M (~₹90.7 Cr) | Co-led: Ashish Kacholia, Unicorn India Ventures. Participants: Roots Ventures, Caperize Fina, MAIQ Growth Scheme, HNIs | Entrackr, DealStreetAsia, Inc42, Entrepreneur India, Evertiq; “oversubscribed multiple times” (company) |
| Total disclosed equity raised | ≈ $10M+ | Government grants (DLI / C2S) are additional and amounts for VerveSemi are Not Available | ||
| Holder | Stake | Note |
|---|---|---|
| Pratap Narayan Singh (co-founder, CTO) | 39.2% | Inc42, as of 20 Feb 2026; largest holder |
| Rakesh Malik (co-founder, CEO) | NA | 2nd largest per Inc42 ranking |
| Ashish Rameshchandra Kacholia | NA | 3rd largest per Inc42; classified by CB Insights as individual angel |
| Unicorn India Ventures | NA | Early-stage VC; also lead investor in Netrasemi's Series A (July 2025) |
| Roots Ventures / Caperize Fina / MAIQ Growth Scheme / HNIs | NA | Participants |
| Other (33 shareholders in total) | NA | ESOP pool, other angels: Not Available |
Promoter pledge, ESOP size, preference terms, liquidation preference, board seats: Not Available — not found in sources searched.
| Scenario (post-money) | ₹ Cr | Series A stake | EV/Rev FY25 (13.7) | EV/Rev FY25 (16.4) | P/E FY25 (3.39) | EV/Rev, net of ~₹90 Cr cash |
|---|---|---|---|---|---|---|
| Low $25M | 227 | 40.0% | 16.6x | 13.8x | 67x | 10.0x |
| Mid $37.5M | 340 | 26.7% | 24.8x | 20.7x | 100x | 18.2x |
| High $50M | 454 | 20.0% | 33.1x | 27.7x | 134x | 26.6x |
Reference: MosChip (listed) trades at roughly 6.8x FY26 sales and ~115x FY26 PAT on a ~₹4,000–4,180 Cr market cap [Est.; market cap from undated Screener snippet / own pro-rata].
Public disclosure is limited to press releases and aggregator profiles. No annual report or board list found.
| Governance item | Finding |
|---|---|
| Board of directors | Not Available — MCA director master data not accessed. Whether investors (Unicorn India Ventures, Kacholia) took board seats is unknown. |
| CFO / finance head | Not Available |
| Auditor | Not Available — name, tenure, qualifications, CARO remarks not found |
| Related-party transactions | Not Available. Watch: Rosoel (Singh-linked), founder loans, lease from SEZ landlord. |
| Subsidiaries / group | None identified in any source. Whether there is a US/EU/Japan sales subsidiary (given export IP sales) is unknown. |
| Litigation, tax demands, SEBI/MCA notices | None found in searches (absence of evidence only). |
| Equity dilution | Series A $10M at undisclosed valuation; implied 20–40% issuance on Dealroom range [Est.]. Founders still hold large stakes (Singh 39.2%). |
| Promoter pledge / insider trades | Not applicable to a private company; no pledge data found. |
| Employees / key-person | 45 employees (Inc42). Technical IP depends on a small design team and CTO. Key-person concentration is high [Analyst View]. |
Value chain: EDA/IP tools → foundry/OSAT → VerveSemi → module/OEM → end product.
Peer set: Indian fabless startups, one listed Indian design proxy, global analog majors. Market share for VerveSemi: Not Available (immaterial at ~₹14 Cr revenue vs a multi-$10B global analog market).
| Company | Type / focus | Scale & funding | Overlap | Moat / comment |
|---|---|---|---|---|
| VerveSemi | Fabless; analog/mixed-signal IP + ICs | FY25 rev ~₹13.7–16.4 Cr; $10M Series A Feb-26; 45 staff | — | 140+ IP blocks; DLI + C2S; ML-assisted analog |
| Netrasemi | Kerala; edge-AI SoCs for video/security | ~₹107 Cr (~$12M) Series A Jul-25 (Zoho, Unicorn India Ventures); total ~₹125 Cr; team 83→166 planned | Low (digital SoC) | Same lead investor; stronger digital/AI SoC |
| Mindgrove Technologies | Chennai; RISC-V Secure IoT SoC, Vision SoC | $8M Series A (Rocketship.vc, Speciale Invest, Peak XV); DLI ₹15 Cr approval | Low-Med (RISC-V MCU in BLDC) | First commercial RISC-V MCU claims; digital focus |
| Silizium Circuits | Analog/RF/mixed-signal IP exporter | Taped out SC2391; funding NA | High (IP) | Direct IP-export peer |
| C2i Semiconductors | Bengaluru; power management (AC/DC, BMS, PoL) | $4M (Yali Capital, Lip-Bu Tan) | Medium (power) | Founded 2024 |
| FermionIC Design | SerDes and RF beamformer ICs | Planned ~$6M (Kacholia et al.) | Low-Med (data converters) | High-speed wireline niche |
| Aura Semiconductor | Bengaluru, est. 2011; mixed-signal | NA; onsemi purchase of its Vcore tech was mentioned on an unverified LinkedIn page | Medium | Treat as unverified |
| MosChip Technologies (listed, BSE 532407) | Hyderabad; ASIC turnkey, design services | FY26 rev ₹585 Cr (+25%), EBITDA ₹65 Cr, PAT ₹35 Cr; Q1 FY27 rev ₹116 Cr (-14%), PAT ₹2.5 Cr (-78%); ~1,779 staff | Medium (design/ASIC) | Listed proxy; ~6.8x sales [Est.] |
| Texas Instruments | Global analog leader (own fabs) | 2025 revenue ~$17.7B; analog ~$14.0B (+15%) — aggregator figures, unverified vs TI release | High (all lines) | Scale, own 300mm fabs, catalogue breadth |
| Analog Devices | High-performance analog / mixed-signal | FY25 revenue $11.0B (+17%) [ADI release] | High (data converters, sensors) | Precision converter and sensor-interface standard |
| Microchip / others (STM, NXP, Infineon, Renesas) | MCUs, drivers, analog | Not researched in this run | High (motor control) | — |
Other listed Indian semiconductor-chain names (e.g., SPEL, Kaynes, CG Power) are fab/OSAT/EMS, not design, and were not researched here. Peer multiples (PE, EV/EBITDA) for private peers are Not Available.
| Force | Intensity | Why |
|---|---|---|
| Rivalry | High | TI/ADI/Microchip/ST/Infineon plus Asian low-cost vendors |
| Entry barriers | Medium | Analog talent and IP are scarce; capital needs are lower than digital (older nodes) |
| Buyer power | Medium-High | OEMs dual-source; offset by qualification stickiness |
| Supplier power | Medium | Foundry capacity at mature nodes is available but allocation favours scale |
| Substitutes | Low-Med | Integrated MCU/SoC analog front-ends could absorb discrete parts |
| Risk | Category | Severity | Explanation | Mitigant |
|---|---|---|---|---|
| Commercial scale-up unproven | Execution | High | No named customer or volume ship; Q4 2026 BLDC production and end-2025 sampling targets unconfirmed as at 15 Oct 2026 | $10M fresh capital; DLI/C2S backing; claimed customers in production |
| Financial data unverified and conflicting | Governance | High | FY25 revenue ₹13.7 Cr (UnlistedZone) vs ₹16.4 Cr+ (Inc42); Tracxn table unusable; PAT > EBITDA unexplained | Obtain AOC-4 filings |
| Valuation stretch | Financial | Med-High | $25–50M estimate = 17–33x FY25 sales; 67–134x PAT [Est.] | Option value on India analog scarcity; valuation undisclosed |
| Lumpy / declining revenue | Financial | Medium | FY25 revenue -6.6% and EBITDA -64% YoY; dependence on IP licence timing | Shift to recurring ASIC volumes |
| Customer concentration | Business | High | At ~₹14 Cr revenue a handful of customers likely drive sales [Est.]; undisclosed | Diversify through multiple verticals |
| Foundry single-source (UMC) & geopolitics | Supply chain | Medium | All silicon from Taiwan-based foundry (secondary data); mask-set cost at risk if yield slips | Mature nodes widely available; Samsung ecosystem relationship |
| Key-person dependency | Business | Medium-High | 45 staff; CTO and CEO hold core IP know-how | Founders hold large stakes (Singh 39.2%); ESOP data NA |
| Competitive intensity | Business | High | TI, ADI, Microchip, ST, Infineon plus Chinese vendors in motor/metering | Niche focus; local-sourcing preference in defence/space |
| Claims not independently validated | Business | Medium | “ML-enhanced analog”, 140+ IPs, 10 patents come from company releases; patent attribution not verified | Technical diligence; patent search by assignee |
| Policy dependence | Regulatory | Medium | DLI/C2S incentives, ISM 2.0 timing and disbursement; government-project revenue may be one-off | ISM 2.0 funded (~₹1.25 lakh Cr) |
| Export controls / IP licensing | Regulatory | Medium | Space/defence products may face dual-use export restrictions; IP royalties cross-border tax | Not Available |
| Related parties (Rosoel) | Governance | Unknown | Founder's other company; no disclosure | Check MCA RPT notes |
| Illiquidity / exit | Financial | Medium | Private equity; no IPO timeline stated; exit through strategic sale or IPO 5–8 years out [Analyst View] | Possible SME/mainboard IPO as peers (MosChip) list |
| FX / interest / ESG | Macro | Low | USD wafer cost vs INR; low-carbon fabless model; no ESG issues found | Export USD revenue natural hedge |
Replaces concall tab: VerveSemi holds no earnings calls. Management communicates via press releases, PIB/MeitY events and funding announcements.
| Date | Event / statement | Key content | Delivered? |
|---|---|---|---|
| 20 Mar 2025 | C2S BLDC motor-controller project awarded (Minister Ashwini Vaishnaw) | BLDC chip for fans / exhaust systems | In progress |
| 22 Aug 2025 | Roadmap unveiled alongside 23 DLI sanctions | 110+ IPs, 25 SKUs, 10 patents, 5 trade secrets; volume production late 2026 / early 2027; weighing-scale & metering ASIC sampling end-2025; DAQ ASIC samples 2026; BLDC samples 2026 | Sampling dates lapsed; no confirmation found |
| 17–20 Feb 2026 | Series A $10M | 140+ IPs; ML architecture validated in silicon, multiple customers entering production; use of funds; Malik: milestone, oversubscribed multiple times | Funds raised — delivered |
| Mar–Oct 2026 | Post-round news | No company-specific announcement found (no product launch, customer, partner, hiring, or ROC update) | — |
No order book, guidance or analyst consensus exists. The scenarios below are our own illustrative [Est.] constructs, not forecasts from the company.
Order book, book-to-bill, contracted % revenue: Not Available — not disclosed anywhere searched. Visibility rests on (i) stated production start Q4 2026 / early 2027, (ii) IP licence pipeline, (iii) government projects.
| Scenario | Key assumptions | FY28 revenue (₹ Cr) | EBITDA margin | Implied EV at 6.8x sales (MosChip-like) ₹ Cr | Likelihood (Analyst View) |
|---|---|---|---|---|---|
| Bull | BLDC and metering ship in volume; 2 new export IP deals; revenue ~4x FY25 | ~55 | 20–25% | ~375 | 20% |
| Base | Slow ramp; ASIC NRE replaces IP lumpiness; ~doubling | ~30 | 0–10% (opex build) | ~205 | 50% |
| Bear | Delays/yield issues, customer loss; flat revenue, burn | ~14 | Negative | ~95 | 30% |
Arithmetic is illustrative only; EV = revenue x 6.8 (a listed-proxy multiple we computed approximately) with no discounting for illiquidity or time. The bear case EV is near the net cash raised (≈ ₹90 Cr) [Est.], which is a floor-like reference only if the cash is not burned.
Samples and first small-volume orders in BLDC and metering; revenue ~₹15–25 Cr; margin compression due to hiring; no new funding needed. Valuation step-up depends on a named design win.
All accessed 15 Oct 2026 via search-result summaries. Direct page fetches failed (DNS error) for Inc42, Entrackr, Tofler, Tracxn, UnlistedZone, Evertiq, ElectronicsForU and vervesemi.com, so none of these pages was read in full. No MCA/ROC document was reviewed.
| Entrackr — Series A report | entrackr.com/news/fabless-semiconductor-startup-vervesemi-raises-10-mn-in-series-a-round-11125109 |
| DealStreetAsia | cdn.dealstreetasia.com/stories/vervesemi-ashish-kacholia-unicorn-473253 |
| Inc42 Buzz | inc42.com/buzz/semiconductor-startup-vervesemi-nets-10-mn-to-scale-product-commercialisation/ |
| Entrepreneur India | india.entrepreneur.com/...vervesemi-raises-usd-10-mn-in/502790 |
| Evertiq | evertiq.com/news/2026-03-04-vervesemi-microelectronics-raises-10-million-in-series-a |
| AnySilicon release | anysilicon.com/news/vervesemi-raises-10-million-in-series-a-... |
| CXO Digital Pulse / FinSMEs / StartupNews / EV Reporter / Startuptalky / TimesTech / Kashmir Despatch | finsmes.com/2026/02/vervesemi-raises-10m-in-series-a-funding.html; evreporter.com/...series-a-funding-round/; kashmirdespatch.com/dli-scheme-backed-chip-design-startup-... |
| Inc42 company financials | inc42.com/company/vervesemi/financials/ (FY25 revenue ₹16.4 Cr+) |
| Inc42 cap table | inc42.com/company/vervesemi/captable/ (45 employees; 33 holders; Singh 39.2%) |
| UnlistedZone | unlistedzone.com/vervesemi-microelectronics-business-model-funding-valuation (FY23–FY25 P&L) |
| Tofler | tofler.in/vervesemi-microelectronics-private-limited/company/U74999UP2017PTC093961 |
| Tracxn (company / legal entity) | tracxn.com/d/companies/vervesem/...; legal-entity page |
| Dealroom (valuation $25–50M est.) | dealroom.co/companies/vervesemi/ |
| CB Insights; Preqin; YourStory; Briter; Bharat Innovates; Venture Intelligence | cbinsights.com/company/vervesemi; preqin.com; yourstory.com/companies/vervesemi; briter.co; ventureintelligence.com |
| Pratap Singh profile (Affluense) | affluense.ai/profile/pratap-singh-vervesemi-d43098 |
| Company IP pages | vervesemi.com/hsadcip.html; hpadcip.html |
| ElectronicsForU | electronicsforu.com/...vervesemi-integrated-ai-ml-analogue-ip-blocks-for-chips |
| US patents (attribution unverified) | US 10,804,925; US 10,564,209 |
| EE Times India roadmap | eetindia.co.in/vervesemi-microelectronics-unveils-roadmap-... |
| PIB-derived MeitY document (Aug 2025) | negd.gov.in/wp-content/uploads/2025/08/PIB2159727.pdf |
| DD News; DQ India; Sahyadri Startups; IANS; Tribune; Machine Maker; Devdiscourse | ddnews.gov.in; dqindia.com; sahyadristartups.com; ianslive.in; tribuneindia.com; themachinemaker.com; devdiscourse.com |
| ISM 2.0 | Business Today (Budget 2026); YourStory (June 2026); Outlook Business; Deccan Chronicle |
| Netrasemi | Entrepreneur India; Evertiq |
| Mindgrove | YourStory; Machine Maker |
| C2i, Silizium, FermionIC, Aura | eeNews Europe; Dealroom; Inc42 (FermionIC) |
| MosChip (listed) | FilingReader (FY26); MosChip Q1 FY27 press release; Screener |
| Analog Devices FY25 | analog.com press release (25 Nov 2025) |
| Texas Instruments 2025 | aggregator Q4 FY25 call page (unverified vs TI release) |