Company lists
The India edition · 2026

Analog and mixed signal icscompanies in India

Analog & mixed-signal ICs, semiconductor design services, IoT chips & modules, embedded & AI chips, sensors and more: the companies building analog and mixed signal ics in India, with their founders, funding, team size and business models.

44 company profiles28 with reported revenue13 with recorded fundingOctober 2026 edition
India · Photo: Wikimedia Commons (CC BY-SA 4.0)

Recent analog and mixed signal ics business events in India

Funding, M&A, contract wins and launches involving 55 analog and mixed signal ics companies in India, last 24 months: 9 funding rounds · 3 M&A deals. Newest first; companies and investors link to their Fliar profiles. Latest event in our news feed: May 2026.

FundingSeries A

Morphing machines

Morphing Machines has secured approximately ₹420 million in fresh funding as part of its ongoing Series A round, taking the total raise to ₹800 million.

Investors Hero Enterprise Partner Ventures, Colossa Ventures, Navam Capital
Semiconductors
FundingSeries A

Morphing machines

Semiconductor startup Morphing Machines has raised about ₹42 Cr (about $4.4 Mn) as part of its Series A funding round to close the fundraise at ₹80 Cr.

Investors Hero Enterprise Partner Ventures, Colossa Ventures, Navam Capital
Semiconductor
M&AMerger · Completed

Larsen & Toubro Semiconductor Technologies Limited (LTSCT) acquires Siliconch systems

Larsen & Toubro (L&T) has announced the successful completion of the merger of its step-down subsidiary, SiliConch Systems Private Limited (SSPL), into L&T Semiconductor Technologies…

Semiconductor
FundingSeries A

Vervesemi

Fabless Semiconductor startup Vervesemi has raised $10 million in a series A round led by ace market investor Ashish Kacholia and Unicorn India Ventures. The round also saw participation…

Investors Ashish Kacholia, Unicorn india ventures, Roots Ventures, Caperize Fina
Semiconductors
M&AAcquisition · Announced

Onsemi acquires Aura semiconductor

onsemi has struck a deal to buy the Vcore power technology and related intellectual property from Aura Semiconductor

FundingVC investment

Fermionic design

Other startups receiving VC backing include Mindgrove Technologies (Rs 850 million for CCTV chip design), and Fermionic Design (Rs 500 million for satellite communication chips).

Semiconductor Design
FundingGrant

Calligo technologies

CalligoTech is an early recipient of the Design Linked Incentive (PDLI) grant from MEITY.

Investors MEITY
High Performance Computing, Artificial Intelligence, Big Data
M&AAcquisition · Announced

L&T Semiconductor Tech acquires Siliconch systems

L&T Semiconductor Tech, a wholly-owned subsidiary of Larsen & Toubro (L&T), has announced the acquisition of SiliConch Systems, marking a significant strategic move in the semiconductor…

Semiconductor
Funding

Fermionic design

FermionIC Design is looking to raise $6 Mn in an investment round to be led by Ashish Kacholia and his associates to expand its IC product offerings.

Investors Lucky Investment Managers, Ashish Kacholia
Semiconductors

Analog and mixed signal ics companies in India, by revenue

Browse analog and mixed signal ics companies in India by reported revenue, one-year revenue growth, revenue model, age and stage. The 28 companies below are the largest by their most recent reported revenue among 28 analog and mixed signal ics companies in India that have filed a figure in the last four years. Every figure keeps its own reporting period, so compare periods before comparing amounts.

Showing 25 of 28

RF and ASIC solutions provider

Analog and mixed signal ics
₹114.23 crFY 2024-25
+30%2024–2025
161-4% 12 mo to Sep 2024LinkedIn · Oct 2026
15 yr2011
0none in 3 months · last posted Oct 2025

Developer of semiconductor intellectual property blocks and advanced system in package

Semiconductor design and manufacturing services
₹60.10 crFY 2024-25
+13%2024–2025
—Not available
4 yr2022
0none in 3 months

Manufacturer of LED drivers, components, SMD, COB LEDs, and MCPCB solutions

Analog and mixed signal ics
₹36.29 crFY 2024-25
-19%2024–2025
38LinkedIn · Jul 2026
18 yr2008
0none in 3 months

Developer of custom radio frequency integrated circuits and system solutions

Analog and mixed signal ics
₹19.85 crFY 2024-25
+29%2024–2025
77+80% 12 mo to Sep 2024LinkedIn · Jul 2026
12 yr2014
0none in 3 months · last posted Jun 2026

Provider of FPGA and automation solutions for industrial and home automation, offering USB, ethernet, and Wi Fi based modules and FPGA boards

Analog and mixed signal ics
₹17.91 crFY 2024-25
+47%2024–2025
55+34% 12 mo to Sep 2024recorded Sep 2024
15 yr2011
0none in 3 months

Developer of analog signal chain integrated circuits for multiple applications

Analog and mixed signal ics
₹16.39 crFY 2024-25
+11%2024–2025
45+36% 12 mo to Jul 2024LinkedIn · Jul 2026
9 yr2017
0none in 3 months

Provider of mesh wireless network solution for IoT

Smart grid
₹15.45 crFY 2022-23
+193%2022–2023
13-20% 12 mo to Mar 2024LinkedIn · Jul 2026
15 yr2011
0none in 3 months

High-performance RF silicon IC company for mission-critical radar and communication systems for global market

Analog and mixed signal ics
₹13.13 crFY 2024-25
-13%2024–2025
34-15% 12 mo to Sep 2024LinkedIn · Jul 2026
6 yr2020
0none in 3 months

Manufacturer and supplier of sensors, timers and switches

Sensors
₹4.21 crFY 2024-25
+18%2024–2025
—Not available
36 yr1990
0none in 3 months

Provider of power management ICs

Analog and mixed signal ics
₹4.08 crFY 2024-25
-93%2024–2025
17-98% 12 mo to Mar 2024LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Provider of system-on-chip (SoC) solutions for communication technologies

Analog and mixed signal ics
₹2.87 crFY 2024-25
-25%2024–2025
54+8% 12 mo to Sep 2024LinkedIn · Jul 2026
16 yr2010
0none in 3 months

Provider of semiconductor chips and solutions for advanced products

Analog and mixed signal ics
₹2.64 crFY 2024-25
-15%2024–2025
55LinkedIn · Jul 2026
5 yr2021
0none in 3 months

Developer of reconfigurable embedded processor IP and related system solutions

Embedded systems
₹2.32 crFY 2024-25
Not reported
57LinkedIn · Jul 2026
20 yr2006
0none in 3 months

Developer of high-precision semiconductors for automotive, industrial, and high-performance computing

Analog and mixed signal ics
₹1.84 crFY 2024-25
+217%2024–2025
—Not available
2 yr2024
0none in 3 months

Manufacturer of intelligent edge system on chip hardware for processing

Analog and mixed signal ics
₹1.76 crFY 2024-25
+1720%2024–2025
22LinkedIn · Jul 2026
3 yr2023
0none in 3 months

Prototyping & development platform to enable IoT connectivity

Internet of things infrastructure
₹92.57 lakhFY 2024-25
-43%2024–2025
18LinkedIn · Jul 2026
12 yr2014
0none in 3 months

Provider of solutions and tracking devices leveraging satellite navigation technology

Geographic information systems
₹75.03 lakhFY 2024-25
Not reported
11LinkedIn · Jul 2026
2 yr2024
0none in 3 months · last posted Jun 2026

Manufacturer of DC-DC converters, AC-DC power supplies, and automated pump controllers. This entity designs and produces these items, catering to diverse sectors including telecom, medical, and automotive applications. Custom designs are available to meet specific client requirements. The company also offers GSM/SMS-based remote controllers and IoT-enabled devices for various applications. Products are backed by a warranty.

Connected vehicles
₹68.48 lakhFY 2024-25
+47%2024–2025
13LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Developer of computing solutions for high-performance computing and AI workloads

High performance computing
₹60.43 lakhFY 2024-25
+6%2024–2025
40+0% 12 mo to Sep 2024LinkedIn · Jul 2026
14 yr2012
0none in 3 months

Connectivity & monitoring solutions for IoT applications

Internet of things infrastructure
₹50.48 lakhFY 2021-22
Not reported
9LinkedIn · Jul 2026
13 yr2013
0none in 3 months

Developer of communication modules for IoT applications

Internet of things infrastructure
₹46.34 lakhFY 2024-25
+46%2024–2025
2LinkedIn · Jul 2026
11 yr2015
0none in 3 months

Provider of fabless semiconductors

Analog and mixed signal ics
₹29.10 lakhFY 2021-22
Not reported
—Not available
12 yr2014
—No postings tracked

Provides wireless connectivity solutions for IOT and M2M applications

Analog and mixed signal ics
₹16.85 lakhFY 2024-25
-71%2024–2025
18-95% 12 mo to Apr 2019LinkedIn · Jul 2026
17 yr2009
0none in 3 months

fabless semiconductor company providing school tablets

Analog and mixed signal ics
₹14.22 lakhFY 2024-25
+195%2024–2025
1LinkedIn · Jul 2026
14 yr2012
0none in 3 months
28 of 44 companies shown here · the full list is on Radar
Fliar Radar

Explore all 44 analog and mixed signal ics companies in India on Radar

This page shows the top 28. Radar has the complete, filterable list with contacts and live company signals.

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  • Every company, not just 50All 44 analog and mixed signal ics companies in India, filterable by stage, funding, team size, revenue model and age.
  • Founders and decision-makersLeadership teams with roles and verified LinkedIn profiles, ready for outreach.
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Explore analog and mixed signal ics companies in India by what you are looking for

Find top analog and mixed signal ICs companies in India, from power management and RF chip designers to IoT chip and sensor makers. Browse analog and mixed signal IC startups in India and companies hiring now.

8 ways to explore analog and mixed signal ics in India

Analog & mixed-signal IC design companiesSemiconductor design & IP services companiesIoT chip, module & connectivity companiesEmbedded processors & AI chip companiesSensor & MEMS companiesPower electronics & energy tech companies

Analog & mixed-signal IC design companies

Designers of analog signal chain, power management and mixed-signal chips.

  1. Power Palazzo

    Manufacturer of LED drivers, components, SMD, COB LEDs, and MCPCB solutions

    Analog and mixed signal ics
    See in list
  2. MMRFIC

    Developer of custom radio frequency integrated circuits and system solutions

    Analog and mixed signal ics
    See in list
  3. VerveSemi

    Developer of analog signal chain integrated circuits for multiple applications

    Analog and mixed signal ics
    See in list
  4. Fermionic Design

    High-performance RF silicon IC company for mission-critical radar and communication systems for global market

    Analog and mixed signal ics
    See in list
  5. Cirel Systems

    Provider of power management ICs

    Analog and mixed signal ics
    See in list

Semiconductor design & IP services companies

Chip design services, semiconductor IP and EDA tools providers.

  1. Pradhi Semi

    Developer of semiconductor intellectual property blocks and advanced system in package

    Semiconductor design and manufacturing services
    See in list
  2. Struent Semiconductors

    Provider of semiconductor chips and solutions for advanced products

    Analog and mixed signal ics
    See in list
  3. Morphing Machines

    Developer of reconfigurable embedded processor IP and related system solutions

    Embedded systems
    See in list
  4. BigEndian

    Developer of integrated circuits, microprocessors, and custom system-on-chip designs

    Electronic design automation tools
    Website
  5. Ananant Systems

    Developer of semiconductor products, software, and systems for wireless technologies

    Electronic design automation tools
    Website

IoT chip, module & connectivity companies

Makers of IoT chips, communication modules and wireless connectivity.

  1. MMRFIC

    Developer of custom radio frequency integrated circuits and system solutions

    Analog and mixed signal ics
    See in list
  2. Tinymesh

    Provider of mesh wireless network solution for IoT

    Smart grid
    See in list
  3. SASNEE Technologies

    Prototyping & development platform to enable IoT connectivity

    Internet of things infrastructure
    See in list
  4. Nelso Technology

    Manufacturer of DC-DC converters, AC-DC power supplies, and automated pump controllers. This entity designs and produces these items, catering to diverse sectors including telecom, medical, and automotive applications. Custom designs are available to meet specific client requirements. The company also offers GSM/SMS-based remote controllers and IoT-enabled devices for various applications. Products are backed by a warranty.

    Connected vehicles
    See in list
  5. Cascademic

    Connectivity & monitoring solutions for IoT applications

    Internet of things infrastructure
    See in list

Embedded processors & AI chip companies

Developers of embedded processors, edge AI chips and high-performance computing.

  1. Morphing Machines

    Developer of reconfigurable embedded processor IP and related system solutions

    Embedded systems
    See in list
  2. HrdWyr

    Manufacturer of intelligent edge system on chip hardware for processing

    Analog and mixed signal ics
    See in list
  3. Calligotech

    Developer of computing solutions for high-performance computing and AI workloads

    High performance computing
    See in list
  4. BigEndian

    Developer of integrated circuits, microprocessors, and custom system-on-chip designs

    Electronic design automation tools
    Website
  5. QpiSemi

    Manufacturer of quantum and CMOS-based chips

    Analog and mixed signal ics
    Website

Sensor & MEMS companies

Developers and makers of sensors, image sensors and MEMS devices.

  1. Leelavati Automation

    Manufacturer and supplier of sensors, timers and switches

    Sensors
    See in list
  2. 3rdiTech

    Developer of CMOS image sensors for advanced imaging applications

    Sensors
    Website
  3. BioCompute

    Develops sustainable DNA-based data storage solutions

    Life sciences platforms and tools
    Website
  4. AMTL

    Manufacturer of microwave and RF components

    Analog and mixed signal ics
    Website

Power electronics & energy tech companies

Electronics for smart grids, energy storage and power systems.

  1. MMRFIC

    Developer of custom radio frequency integrated circuits and system solutions

    Analog and mixed signal ics
    See in list
  2. Tinymesh

    Provider of mesh wireless network solution for IoT

    Smart grid
    See in list
  3. Nelso Technology

    Manufacturer of DC-DC converters, AC-DC power supplies, and automated pump controllers. This entity designs and produces these items, catering to diverse sectors including telecom, medical, and automotive applications. Custom designs are available to meet specific client requirements. The company also offers GSM/SMS-based remote controllers and IoT-enabled devices for various applications. Products are backed by a warranty.

    Connected vehicles
    See in list
  4. Reslink

    Developer of semiconductors and material science products for renewable energy

    Renewable energy tech
    See in list
  5. Pradhi Semi

    Developer of semiconductor intellectual property blocks and advanced system in package

    Semiconductor design and manufacturing services
    See in list

Analog and mixed signal IC startups in India

Newer chip companies founded in the last few years.

  1. Pradhi Semi

    Developer of semiconductor intellectual property blocks and advanced system in package

    Semiconductor design and manufacturing services
    See in list
  2. Struent Semiconductors

    Provider of semiconductor chips and solutions for advanced products

    Analog and mixed signal ics
    See in list
  3. Level Five Cartronics Technology

    Developer of high-precision semiconductors for automotive, industrial, and high-performance computing

    Analog and mixed signal ics
    See in list
  4. HrdWyr

    Manufacturer of intelligent edge system on chip hardware for processing

    Analog and mixed signal ics
    See in list
  5. Elena Geo Tech

    Provider of solutions and tracking devices leveraging satellite navigation technology

    Geographic information systems
    See in list
16 companies in India

Analog and mixed signal IC companies hiring in India

Chip companies currently recruiting.

  1. Aura Semiconductor

    RF and ASIC solutions provider

    Analog and mixed signal ics
    See in list
  2. MMRFIC

    Developer of custom radio frequency integrated circuits and system solutions

    Analog and mixed signal ics
    See in list
  3. Elena Geo Tech

    Provider of solutions and tracking devices leveraging satellite navigation technology

    Geographic information systems
    See in list
  4. TriSpaceTech

    Provider of DSP multimedia codec optimization and integration services. This company builds small form-factor products using chipsets from partner vendors. They leverage innovative DSP/Multimedia technology solutions to address real-world problems, including those in the defense sector. Their services include target porting, optimization, and integration of codecs, along with competitive analysis. The company aims to enhance battery life in consumer electronics through patented technology.

    Electronic components
    See in list
  5. Ananant Systems

    Developer of semiconductor products, software, and systems for wireless technologies

    Electronic design automation tools
    Website
5 companies in India
The business behind the activity

Analog and mixed signal ics financials in India

Revenue, profit and growth from the filed annual accounts of 23 analog and mixed signal ics companies in India for FY24-25 — 26 of the 44 companies on this page file accounts with the Ministry of Corporate Affairs. The five largest earn 82% of the revenue, so medians describe the typical company better than totals.

combined revenue, FY24-25₹301.11 cr

23 companies filing accounts

combined net profit−₹30.06 cr

-10.0% aggregate margin

are profitable43%

10 of 23 companies

median revenue~₹2.3 cr

the typical company

median revenue growth+12%

into FY24-25

earned by the top five82%

revenue concentration

Six-year view

Combined revenue of filing companies

₹212.82 crFY19-2015 filers
₹222.84 crFY20-2117 filers
₹280.72 crFY21-2218 filers
₹370.69 crFY22-2318 filers
₹287.66 crFY23-2420 filers
₹301.11 crFY24-2523 filers

The number of companies filing changes each year; the three-year cohort below compares like with like.

Like-for-like

The same 16 companies over three years

-33%
FY22-23₹355.24 cr₹133.88 cr net
FY23-24₹234.33 cr₹32.25 cr net
FY24-25₹236.30 cr−₹18.79 cr net

Companies with accounts for all three years, so growth is not an artefact of who filed.

Scale and profit

Bigger companies are far more often profitable

Under ₹1 cr922% profitable
₹1–10 cr729% profitable
₹10–100 cr683% profitable
₹100–1,000 cr1100% profitable
Over ₹1,000 cr0—

Companies by FY24-25 revenue. Bars show how many companies sit in each band.

Momentum

How fast revenue moved into FY24-25

Shrinking7
0–20%4
20–50%5
50–100%1
Doubled+1

18 companies with accounts for both years; median growth +12%.

Profitability

Profit is concentrated at the top

10profitable
13loss-making
-10.0%aggregate margin
-6.2%median margin

The aggregate margin is pulled up by a few large filers; the median shows the typical company.

Growth leaders · ₹10 cr+ revenue

Fastest growing, FY24-25

CompanyGrowthRevenue
NumatoNUMATO SYSTEMS PRIVATE LIMITED+47%₹17.91 cr
Aura SemiconductorAURA SEMICONDUCTOR PRIVATE LIMITED+30%₹114.23 cr
MMRFICMMRFIC TECHNOLOGY PRIVATE LIMITED+26%₹19.38 cr
Pradhi SemiPRADHI SEMICONDUCTOR PRIVATE LIMITED+13%₹60.10 cr
VerveSemiVERVESEMI MICROELECTRONICS PRIVATE LIMITED+11%₹16.39 cr
Fermionic DesignFERMIONIC DESIGN PRIVATE LIMITED-13%₹13.13 cr
Profit leaders · ₹10 cr+ revenue

Highest net margins, FY24-25

CompanyMarginRevenue
VerveSemiVERVESEMI MICROELECTRONICS PRIVATE LIMITED20.7%₹16.39 cr
NumatoNUMATO SYSTEMS PRIVATE LIMITED17.6%₹17.91 cr
MMRFICMMRFIC TECHNOLOGY PRIVATE LIMITED9.8%₹19.38 cr
Power PalazzoPOWER PALAZZO PRIVATE LIMITED7.6%₹36.29 cr
Pradhi SemiPRADHI SEMICONDUCTOR PRIVATE LIMITED3.2%₹60.10 cr
Aura SemiconductorAURA SEMICONDUCTOR PRIVATE LIMITED2.3%₹114.23 cr
Inside the industry

Sub-sectors compared, FY24-25

Sub-sectorCompaniesRevenueMedian revenueProfitableMargin
Analog and mixed signal ics14₹231.08 cr~₹3.5 cr50%-5.3%
Leaders

Largest analog and mixed signal ics companies by revenue, FY24-25

Company · legal entityRevenueNet resultMarginGrowth
Aura SemiconductorAURA SEMICONDUCTOR PRIVATE LIMITED₹114.23 cr₹2.63 cr2.3%+30%
Pradhi SemiPRADHI SEMICONDUCTOR PRIVATE LIMITED₹60.10 cr₹1.92 cr3.2%+13%
Power PalazzoPOWER PALAZZO PRIVATE LIMITED₹36.29 cr₹2.77 cr7.6%-19%
MMRFICMMRFIC TECHNOLOGY PRIVATE LIMITED₹19.38 cr₹1.89 cr9.8%+26%
NumatoNUMATO SYSTEMS PRIVATE LIMITED₹17.91 cr₹3.15 cr17.6%+47%
VerveSemiVERVESEMI MICROELECTRONICS PRIVATE LIMITED₹16.39 cr₹3.39 cr20.7%+11%
Fermionic DesignFERMIONIC DESIGN PRIVATE LIMITED₹13.13 cr−₹1.10 cr-8.4%-13%
Leelavati AutomationLEELAVATI AUTOMATION PRIVATE LIMITED₹4.21 cr₹2.60 lakh0.6%+18%
Cirel SystemsCIREL SYSTEMS PRIVATE LIMITED₹4.08 cr−₹4.73 cr-116.0%-86%
Signalchip InnovationsSIGNALCHIP INNOVATIONS PRIVATE LIMITED₹2.87 cr−₹5.81 cr-202.6%-25%
Some figures are available to Radar members.Log in to Radar to see every figure

Standalone annual accounts filed with the Ministry of Corporate Affairs. Brands that share one legal entity are shown together and counted once.

Industry landscape report

Accounting and Tax Software Industry Landscape of India

The financials above are one chapter. The full analog and mixed signal ics landscape of India maps the whole industry — every segment, the capital behind it, the talent market and where the next opportunities are.

  • Market map of every sub-sector
  • Funding & company formation by year
  • Revenue, profit & financial strength
  • Digital footprint: traffic, apps, releases
  • Hiring, skills & pay
  • Founders & leaders
  • News & sentiment
  • Where demand runs ahead of supply
Read the analog and mixed signal ics landscape of India
For investors and data teams

Put this intelligence into your own tools

The figures on this page come from Fliar’s company, funding and MCA filings data. Use it through the Investor Intelligence API and MCA financials feeds, or explore every company, filing and investor in Radar.

Capital & corporate activity

Analog and mixed signal ics funding and M&A across India

69 recorded equity rounds have gone to 55 analog and mixed signal ics companies in India — how much, at which stage, into which sub-sectors, from whom, and how India compares. Debt, IPO and grant rounds are excluded.

equity rounds, last 12 months7

US$48.76m

equity rounds, last 24 months10

US$55.34m

raised over five yearsUS$80.72m

28 rounds in India

M&A deals, India3

last 24 months

Capital by year

Equity funding into analog and mixed signal ics in India

amount rounds
$2.2m20185
$4.4m20192
$9.1m20203
$1.5m20214
$295k20222
$2.5m20232
$21m202410
$6.9m20254
$48m20266

Bars show US$ raised; the number under each year is equity rounds. 2026 is year to date. The peak year was 2024, with US$21.06m across 10 rounds.

The funding ladder · five years

Rounds and typical cheque by stage

AngelUS$1.83m4 rounds · median US$183k
SeedUS$27.62m17 rounds · median US$1.28m
Series AUS$51.28m7 rounds · median US$4.40m
Where the money went · five years

Most-funded sub-sectors

Analog and mixed signal icsUS$53.05m9 rounds · 5 companies
Electronic design automation toolsUS$13.75m8 rounds · 3 companies
Embedded systemsUS$11.58m4 rounds · 1 companies
High performance computingUS$2.35m5 rounds · 1 companies
Renewable energy techUS$0k1 rounds · 1 companies
Life sciences platforms and toolsUS$0k1 rounds · 1 companies
Corporate activity · last 24 months

M&A in India

2Acquisition
1Merger

Most active acquirers

  1. Larsen & Toubro Semiconductor Technologies Limited (LTSCT)1
  2. Onsemi1
  3. L&T Semiconductor Tech1

Most acquired or merged

  1. Siliconch systems2
  2. Aura semiconductor1

Each deal appears in the events strip at the top of the page.

Analog and mixed signal ics funding in India

13 analog and mixed signal ics companies in India have recorded equity funding, US$98.32m in total. Totals and round dates describe the historical record; they are not current valuations.

Founders and momentum in India

Meet the people behind analog and mixed signal ics companies in India. 36 of 44 companies list founders or leaders; where a public LinkedIn profile matches exactly, the expanded profile shows the photo, headline, location and education.

Explore India analog and mixed signal ics companies by sub-sector

The most common specialisations among analog and mixed signal ics companies in India. Open a company to see what it sells, who runs it and how far it has come.

Keep exploring analog and mixed signal ics in India and nearby markets.

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