When was Mindgrove founded?

Mindgrove was founded in 2021 and raised its 1st funding round 2 years after it was founded.

Where is Mindgrove located?

Mindgrove is headquartered in Chennai, India. It is registered at No. 12B, Vedanta Desikar Swamy Street Mylapore, Chennai, Chennai, Tamil Nadu, India, 600004.

Who is the current CEO of Mindgrove?

Thirukkarugavoor Ramkumar Shashwath of Mindgrove. They have also founded 1 company.

Which legal entities is Mindgrove associated with?

Mindgrove is associated with MINDGROVE TECHNOLOGIES PRIVATE LIMITED.

How many employees does Mindgrove have?

As of Jul 31, 2025, the latest employee count at Mindgrove is 44.

Is Mindgrove a funded company?

Mindgrove is a funded company, having raised a total of $10.6M across 4 funding rounds to date. The company's 1st funding round was a $***** Seed round, raised on Jan 12, 2023.

How much is Mindgrove worth?

The latest valuation of Mindgrove is ₹***** as of Feb 18, 2026.

When was the latest funding round of Mindgrove?

Mindgrove's latest funding was a $***** Angel round on Feb 18, 2026, with participation from 1 investor.

What is the annual revenue of Mindgrove?

Annual revenue of Mindgrove is less than ₹10 Cr as on Mar 31, 2026

Where does Mindgrove rank among its competitors?

Mindgrove ranks 3rd amongst 189 active competitors, of which 50 are funded. It stands 7th in terms of total funding among its competitors. The most recent competitor to raise funding was HrdWyr, which secured $13M in May, 2026.

Who are the top competitors of Mindgrove?

Mindgrove's top competitors include Espressif, Rambus and Ambiq. Among them, HrdWyr secured the most recent funding round in May, 2026.

Mindgrove - 2026 Company Profile, Team, Funding, Competitors & Financials

Company Details

Developer of system on chips for IoT, vision, and edge applications. The company designs chips for use in sectors such as automotive, industrial automation, vision systems, and smart living. Products include processors for edge and computer vision workloads, and low-power SoCs for embedded devices. The company also provides modules and resources such as blogs and news.

Website: www.mindgrovetech.in/
Social
Email ID: *****@mindgrovetech.in
Registered Address: No. 12B, Vedanta Desikar Swamy Street Mylapore, Chennai, Chennai, Tamil Nadu, India, 600004

Key Metrics

Founded Year

2021

Location

Chennai, India

Stage

Series A

Total Funding

$10.6M in 4 rounds

Latest Funding Round

Angel, Feb 18, 2026, $*****

Post Money Valuation

₹***** as on Feb 18, 2026

Investors

Peak XV Partners & 14 more

Ranked

3^rd among 189 active competitors

Annual Revenue

0 - ₹10 Cr as on Mar 31, 2026

Employee Count

44 as on Jul 31, 2025

Similar Companies

Espressif & 133 more

View Mindgrove's full profile

Mindgrove is associated with 1 legal entity given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Reports
MINDGROVE TECHNOLOGIES PRIVATE LIMITED CIN: U29100TN2021PTC141187 , India, Active	Feb 05, 2021	0 - ₹10 Cr (As on Mar 31, 2026)	57 (As on May 01, 2026)

Mindgrove has raised a total funding of $10.6M over 4 rounds. Its first funding round was on Jan 12, 2023. Its latest funding round was a Angel round on Feb 18, 2026 for $*****. 1 investor participated in its latest round. Mindgrove has 9 institutional investors and 6 angel investors.

Here is the list of recent funding rounds of Mindgrove:

Filter this list

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Feb 18, 2026	2352631	Angel	9781579	4904985	3269856	9300313
Dec 23, 2024	2732259	Series A	2575492	3551406	4224759	Mela Ventures & 4 more
Dec 25, 2023	5116673	Seed	2051577	1322932	Peak XV Partners	4248561

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View details of Mindgrove's funding rounds and investors

The founders of Mindgrove are Jagathrakshakan Srinivas Sharan Srinivas and Thirukkarugavoor Ramkumar Shashwath. Thirukkarugavoor Ramkumar Shashwath is the CEO of Mindgrove.

Here are the details of Mindgrove's key team members:

Jagathrakshakan Srinivas Sharan Srinivas: Co-Founder & CTO of Mindgrove. They serve on the board of 1 company.
Contact Info: 1 email address and 1 phone number
Thirukkarugavoor Ramkumar Shashwath: Co-Founder & CEO of Mindgrove. They serve on the board of 1 company.
Contact Info: 1 email address and 1 phone number

Mindgrove's Board of Directors

Mindgrove's board has 3 active members. Jagathrakshakan Srinivas Sharan Srinivas and Thirukkarugavoor Ramkumar Shashwath are part of team and Srinivasan Sharanya is independent board member.

Here is the list of Mindgrove's board of directors:

Name	Type	Representing	Status	Duration
Jagathrakshakan Srinivas Sharan Srinivas	Team	-	Current	5y 5m
Thirukkarugavoor Ramkumar Shashwath	Team	-	Current	5y 8m
Srinivasan Sharanya	Independent board member	-	Current	5y 8m

View details of Mindgrove's Founder profiles and Board Members

Mindgrove's employee count trend

Mindgrove has 44 employees as of Jul 25. The total employee count is 33.0% more than what it was in Jul 24. Here is Mindgrove's employee count trend over the years:

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Top competitors of Mindgrove include Espressif, Rambus and Ambiq. Here is the list of Top 10 competitors of Mindgrove, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Espressif 2007, Shanghai (China), Public	Provider of wireless communication chips, software, cloud, and AIoT solutions	$3.3M	Intel Education Accelerator, BOE Technology Group ... & 7 others	76/100
2nd	Rambus 1990, Sunnyvale (United States), Public	Provider of AI-based silicon IP and chip solutions	-	Kleiner Perkins, Mohr Davidow Ventures	66/100
3rd	Mindgrove 2021, Chennai (India), Series A	Developer of system on chips for IoT, vision, and edge applications	$10.6M	Rocketship, Peak XV Partners & 13 others	66/100
4th	Ambiq 2010, Austin (United States), Public	Provider of AI-based system-on-chips for IoT applications	$385M	Kleiner Perkins, Conductive Ventures & 18 others	65/100
5th	Canaan 2013, Hangzhou (China), Public	Developer of ASICs for block-chain computing	$43.7M	Fundamental Labs, Jin Jiang International ... & 2 others	63/100
6th	Omni Design Technologies 2015, Milpitas (United States), Series A	Ultra low power semiconductor IP cores	$69.3M	Tipping Point Capital, Ten Capital & 8 others	63/100
7th	Unisoc 2001, Shanghai (China), Acquired	Provider of SoCs for mobile communication, IoT connectivity and other applications	$1.45B	Silver Lake, CDBC & 16 others	63/100
8th	Calterah Semiconductor 2014, Shanghai (China), Series D	Developer of CMOS millimeter wave radar sensors	-	Gopher Assets, Bank of Communications & 12 others	63/100
9th	HrdWyr 2023, Bengaluru (India), Series A	Manufacturer of intelligent edge system on chip hardware for processing	$13M	Ideaspring Capital, Avatar Growth Capital ... & 2 others	62/100
10th	Morse Micro 2016, Sydney (Australia), Series C	Provider of WiFi chips to enable IoT applications	$208M	Main Sequence, MegaChips & 24 others	61/100

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Looking for more details on Mindgrove's competitors? Click here to see the top ones

MINDGROVE TECHNOLOGIES PRIVATE LIMITED, the legal entity associated with Mindgrove, generated less than ₹10 Cr in revenue for the financial year ending on Mar 31, 2026. The revenue of MINDGROVE TECHNOLOGIES PRIVATE LIMITED has a compounded annual growth rate (CAGR) of 101% in the last 1 year.

Financial Statement Summary

Metrics	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22
Income Statement
Revenue	8864	6993	3391	5903	8174
Total Sales	8013	6332	3268	9993	4540
Total Expenses	7722	4228	3901	5749	2066
Operating Expenses	3394	8757	9629	3573	4288
Employee Expenses	6610	7810	7562	5065	9928
Operating Income (EBIT)	4206	6434	4401	6489	7165
Interest Expenses	6399	7484	3796	4909	3038
Expenses from other activities	4543	4467	1165	2927	4205
EBITDA	1599	3756	1984	5489	9974
Taxes	2013	7663	2771	8584	6331
Net Profit	8890	7524	3738	7888	9759
Balance Sheet
Assets	5368	8520	8843	2973	9594
Accounts Receivables	4659	5070	7771	1457	2885
Inventory	5413	7269	9911	6384	1814
Liabilities	5675	4615	2422	6646	5347
Total Debt	3568	1544	6416	6615	8690
Accounts Payable	2035	7966	9057	3259	6367
Equities	9089	3891	2793	4196	5302

Detailed Financials (Income Statement, Balance Sheet, Cashflow Statement)

Founders own 34.75%, Funds (largest shareholder) own 44.70%, Angels own 2.15% and Other People own 0.35%. The net worth of Mindgrove's founders is INR 91.1Cr as of Feb 18, 2026. The cap table displayed below is for MINDGROVE TECHNOLOGIES PRIVATE LIMITED which is the legal entity associated with Mindgrove.

Shareholders Name	Post Round Holding %	Net worth	Cumulative Investment	Realised Returns	Unrealised Returns	Return Multiple
Founder	34.75%	91.1Cr	3922907	1793365	4013384	5425209
Thirukkarugavoor Ramkumar Shashwath	5464343	1227528	3489859	3644266	1921907	5003435
Jagathrakshakan Srinivas Sharan Srinivas	5435147	5919962	8410081	1037289	9945492	6555180
Fund	44.70%	117Cr	1624228	9525462	3945718	6036364
Peak XV Partners	8710478	9029731	4417871	2112898	2317020	2130325
Rocketship	5820988	9865782	2093811	2965639	7021612	6297287
Speciale Invest	981949	913849	397787	418542	245374	763053
Angel	2.15%	5.63Cr	68	16	15	40
Chinmay G Parikh	0	0	0	0	0	0
Other People	0.35%	92L	0	0	0	0
ESOP Pool	18.04%	47.3Cr	2688809	9923760	8442312	4363434
Total	100.00%	262Cr	4674233	7136711	3365937	6409100