Micromax and Taiwan-based Phison’s memory semiconductor joint venture, MiPhi, plans to invest around ₹1,000 crore to expand its manufacturing operations in India, according to a report by Moneycontrol.
The company is ramping up production to meet rising demand for memory products used in AI infrastructure, data centres, enterprises, and automobiles.
It expects to cross ₹ 1,000 crore in revenue this fiscal year and sees rapid growth over the next two to three years, backed by a growing order pipeline from domestic and international customers.
“We are looking at around Rs 1,000 crore of capital expenditure to significantly expand our manufacturing footprint in India,” MiPhi co-founder Rahul Sharma told the media outlet.
MiPhi will use the investment to expand its existing manufacturing facility in Greater Noida, Uttar Pradesh. Sharma said MiPhi began operations in January 2025, but commercial growth accelerated only after customer validation cycles were completed.
“Growth has accelerated now because product validation takes time. We are moving into triple-digit growth this year alone,” he said.
The expansion comes as India steps up efforts to build a domestic semiconductor ecosystem while global demand for memory chips continues to rise alongside AI deployments and data centre investments.
MiPhi manufactures enterprise solid-state drives (SSDs) and embedded memory products. Its enterprise SSDs are supplied to cloud service providers, data centres, system integrators, and OEMs manufacturing in India, while its embedded memory products are used in automobiles, smartphones, televisions, routers and other connected devices.
The company also expects exports to become a major growth driver. According to Sharma, it has started receiving commercial orders from both India and overseas.
“If execution continues as planned and the order pipeline converts, we believe the company has the potential to become a unicorn in the next two to three years,” he told Moneycontrol.
Beyond manufacturing, MiPhi plans to strengthen semiconductor design capabilities in India. Under the partnership, Phison will transfer controller technologies, research expertise, and intellectual property to Indian engineering teams to help build local capabilities in firmware, controller design, and enterprise storage technologies.
“We provide the most cutting-edge products, technical support and intellectual property. You build the technology locally. This creates a much stronger business because you own the technology and the customer channels. It’s not just about distribution,” Borris Chang, Executive Director at MiPhi and Chief of Staff at Phison, told the outlet.
The company is also expanding into AI software through its AI Adaptive Memory software layer, which is designed to improve memory utilisation for AI workloads, reducing dependence on high-end GPUs and lowering infrastructure costs.
MiPhi has begun deploying the technology with select educational institutions and is in discussions with additional universities as it looks to broaden access to AI computing infrastructure.
The company is betting on continued demand for memory solutions across AI infrastructure, enterprise storage, automotive electronics, and data centres as it expands its presence in both domestic and international markets.
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