The round, what it buys, and what to test
A pre-Series A raise to take SoC2 from a working FPGA to qualified silicon. Every figure below comes from a document you can download at the end of the page.
The round
- Equity
- ₹45 Cr
- Pre-money
- ₹204 Cr
- Investor stake
- 18.07%
- CGTMSE loan
- ₹10 Cr
Where the ₹55 Cr goes
- SoC2 tapeout NRE and IPEquity. Phased: shared MPW blocks, full-die MPW, dedicated mask₹29.8 Cr54%
- EngineeringEquity. Chip, firmware and defence, about 18 months₹9 Cr16%
- AIS-162/188 certification and FPGA pilotEquity. ARAI / ICAT and 100 pilot units₹4.5 Cr8%
- Working capital, BD and inventoryThe ₹10 Cr CGTMSE loan plus the equity remainder₹11.7 Cr21%
Source: Financial model v3, Use of Funds. The business plan carries the same allocation.
Revenue ramp, as two documents state it
The financial model and the business plan agree on the shape and disagree on the size. The site’s product figures follow the financial model. EBITDA turns positive in FY2028 and cash bottoms at ₹10.1 Cr in FY2029 without drawing the loan.
| ₹ Cr | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 | FY2032 |
|---|---|---|---|---|---|---|
| Revenue, financial model | 1.7 | 27.8 | 115.4 | 284.7 | 594.3 | 1,128.5 |
| Revenue, business plan | 6.0 | 41.2 | 144.7 | 351.4 | 731.6 | 1,388.0 |
| EBITDA, financial model | -0.4 | 2.3 | 21.6 | 68.9 | 174.1 | 387.9 |
| Closing cash, financial model | 25.3 | 11.4 | 10.1 | 32.5 | 111.2 | 313.6 |
Management projections. Financial model v3 (September 2026): Revenue Build, P&L, Cash Flow & Runway. Business plan v2: P&L.
What the next eighteen months deliver
The milestones the memorandum commits to after the raise. The tapeout money itself is paid in four stages, and each can be withheld if the one before it fails.
Months 1–3
MPW submission and FPGA pilot
- GDS delivered to Muse / GSME, MPW phase 1 submitted
- FPGA firmware for the 100-unit pilot complete
- AD2 smart-truck fleet pilot launched
Months 3–6
First commercial revenue
- AD2 fleet pilots earning revenue
- MCEME ₹88 L defence order in execution
- AIS-162 / AIS-188 submitted to ARAI / ICAT
Months 6–12
Silicon returns
- TSMC 28 nm first silicon, bring-up begins
- OEM evaluation samples to Tata and Mahindra
- iDEX / DRDO engagement for the D100 programme
Months 12–18
ASIC revenue and Series A
- Revenue from ASIC-based products begins
- First paying customers for the T100 AI licence
- Series A raise opened
Source: Information Memorandum, June 2026, section 12.
What diligence should test
Concentration
AD2 and AD0 carry ₹720 Cr, 63.8% of FY2032 plan revenue, and sell to overlapping buyers.
Timing
Qualified silicon is planned for H1 2028. Until then the plan rests on the FPGA product and its channels.
Figures that disagree
FY2032 revenue is ₹1,128 Cr in the financial model and ₹1,388 Cr in the business plan. Tapeout cost and AD0 demand also differ between documents.
Qualification
Type approval, functional safety, OEM design-in time and installation capacity remain open dependencies.
The documents behind the figures
- Information Memorandum v2Aug 2026PDF · 1.6 MB
- Information MemorandumJun 2026PDF · 17 MB
- Investor briefingJul 2026PDF · 23 MB
- Financial model v3Sep 2026Workbook · 32 KB
- Business plan v22026Workbook · 39 KB
- BP1A: India autonomous trucking2026PDF · 415 KB
- BP1B: United States proposal2026PDF · 176 KB
- Customer profile and go-to-marketJul 2026Document · 3.2 MB
- Company brief2026PDF · 2.9 MB
- Product portfolio, 104 slides2026Deck · 56 MB
The full investment memorandum
Business, technology, markets, strategic choices, economics and risk, chapter by chapter.