MiPhi, the Micromax-Phison memory venture, says quarterly revenue crossed INR 250 crore
MiPhi Semiconductors, the memory venture between Micromax and Phison, says quarterly revenue topped INR 250 crore, more than double its entire previous year. Billed as the first Indian brand assembling enterprise SSDs at home, it still imports the core chips.
MiPhi Semiconductors, a joint venture between India's Micromax Informatics and Taiwan's Phison Electronics, says it booked more than INR 250 crore in revenue in the April–June quarter, more than double what it reported for the whole of the previous financial year, as it rides rising demand for memory and storage from AI, enterprise and automotive customers. The quarterly figure is company-reported and not independently audited.
The claim lands on a genuine first: MiPhi is manufacturing enterprise solid-state drives locally; described as the first Indian brand to do so — at plants in Noida, Hyderabad and Bhiwadi, and has begun exporting. But the local step is assembly of drives, not chip-making. India still has no domestic NAND flash wafer fabrication, so the core memory is imported, and the controller technology is Phison's, being transferred to Indian engineering teams. How much value is genuinely added in India is the open question behind the headline number.
On the numbers, the trajectory is partly corroborated. Co-founder Rahul Sharma, who also co-founded Micromax, has told PTI the venture was around INR 100 crore in the year to March and is targeting INR 1,000 crore this year, driven by a roughly tenfold capacity ramp funded largely from internal accruals. The specific INR 250 crore first-quarter figure, though, comes only from the company.
The JV, announced in December 2024 and owned 55% by Micromax and 45% by Phison, makes enterprise SSDs, embedded memory and industrial storage. Phison, a roughly $3-billion Taiwanese firm, is one of the world's leading NAND flash controller designers. The INR 1,000 crore revenue figure is a target, not a result.
