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SEALSQ Corp, a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products,, a subsidiary of WISeKey International Holding AG , a global leader in cybersecurity, digital identity, and IoT solutions platform, announced the signing of a Term Sheet with Kaynes SemiCon to form a Joint Venture company, SEALKAYNESQ Ltd, to be established in India. The new entity aims to focus on developing a state-of-the-art semiconductor design and personalization center, strengthening India’s strategic position in the global semiconductor supply chain. This strategic collaboration moves beyond a generic design center, to create a specialized hub for high-security semiconductor solutions.
The proposed Joint Venture plans to establish an Outsourced Semiconductor Test & Personalization (OSTP) facility within Kaynes SemiCon’s manufacturing site in India. This initiative aims to enhance Kaynes SemiCon capabilities with advanced Wafer/Final Test services, compliant with Common Criteria (CC) standards, and integrate Public Key Infrastructure (PKI) and Post-Quantum Cryptography (PQC) personalization capabilities to serve the INDIA market where National Security regulations apply. A key strategic milestone will be the localized deployment of the SEALSQ Quantum Shield semiconductor in India, providing a foundation for secure post-quantum computing resilience across multiple sectors.
SEALSQ will hold 51% of the JV’s share capital, while Kaynes SemiCon will hold 49%, with governance shared equally under a five-member board. Intellectual property rights will be licensed exclusively to the JV by WISeKey and SEALSQ, with new IP developed by the JV owned by the company.
This partnership combines SEALSQ’s leadership in cybersecurity, post-quantum cryptography, and secure semiconductors with Kaynes SemiCon’s fast-rising semiconductor manufacturing capabilities in India, aligning with global supply chain resilience goals and India’s national semiconductor strategy.
SEALSQ’s contribution is pivotal in advancing India’s Post-Quantum resilience. With its portfolio of PQC-ready chips, secure elements, and crypto-processors IPs, SEALSQ has the potential to enable India to future-proof its digital infrastructure against the risks posed by quantum computers. The Company’s proven experience in deploying PKI lifecycle management platforms (INeS), its VaultIC hardware security modules, its QS7001 and QVault-TPM post-quantum secure processor can empower India to secure critical sectors such as finance, healthcare, government, defense, and IoT ecosystems in relation with India National Security. By embedding PQC personalization at the chip level, SEALSQ aims to ensure that Indian-made devices and systems remain secure well beyond the arrival of practical quantum computing, reinforcing India’s digital sovereignty and global competitiveness.
Carlos Moreira, CEO of SEALSQ, said, “This partnership with Kaynes SemiCon leverages SEALSQ’s expertise in building advanced semiconductor personalization and design to enter India’s vibrant market through a trusted local manufacturer. By combining our Quantum Shield QS7001 technology and post-quantum cryptography capabilities with Kaynes SemiCon’s robust manufacturing infrastructure, we aim to deliver secure, future-ready solutions that align with India’s national priorities and enhance its position in the global digital landscape.”
Raghu Panicker, CEO of Kaynes SemiCon, added, “This collaboration is a testament to our commitment to put India on the global semiconductor map. At Kaynes SemiCon, we have accelerated every step from design to prototype to mass production, driving India’s ambition to achieve semiconductor self-reliance. By joining forces with SEALSQ, we are now incorporating world-class security, post-quantum cryptography, and advanced personalization into our OSAT platform, a move that empowers Indian innovation and enables our customers to confidently enter the next era of secure digital infrastructure.
Quantum principles fundamentally govern semiconductor behavior, explaining how they conduct electricity, allowing for the creation of transistors and modern electronics. Today, at the intersection of quantum phenomena and semiconductors, we’re harnessing these “Quantum plus Semiconductor” strengths to build breakthrough technologies like quantum computers using advanced materials for qubits, and quantum dots for novel photonic applications. This convergence merges the reliability of mature semiconductor fabrication with the cutting edge of quantum mechanics, driving the development of future-ready solutions that are faster, more efficient, and vastly more powerful. At Kaynes SemiCon, we are uniquely positioned to use these quantum-driven advancements to meet our strategic goals and establish ourselves as India’s leader in the semicon space. By integrating quantum technologies at the heart of our innovation platform, we deliver next-generation secure chips and device solutions for critical industries, solidifying our leadership in both the Indian and global semiconductor markets.
As we prepare for our first chip shipments from Sanand and expand our technology partnerships, this JV marks a significant leap toward realizing India’s vision for electronics manufacturing and end-to-end semiconductor solutions. Together with SEALSQ, we are building the foundation for a quantum-secure, globally competitive future for India’s digital sector.”
Kaynes SemiCon, a subsidiary of Kaynes Technology India Limited, is a key Indian company in the semiconductor sector, focusing on Outsourced Semiconductor Assembly and Test (OSAT) facilities to produce packaged chips in Sanand, Gujarat. Kaynes SemiCon is on track to become the first in India to deliver packaged semiconductor chips by October 2025, a significant milestone for India's semiconductor ambitions. Kaynes SemiCon has secured a multi-year agreement with Alpha Omega Semiconductor for its initial production, with chips catering to sectors like electric vehicles, satellites, and consumer electronics. Its facility in Sanand has government approval and significant investment, with a mid-volume production line (Unit-1) nearing completion. Machinery and clean rooms are already installed, and qualification testing is scheduled for September end 2025, followed by the first delivery of chip samples to Alpha Omega in the USA in October 2025. This milestone will position Kaynes SemiCon as the first company in India to produce packaged semiconductor chips. Beyond Alpha Omega, Kaynes SemiCon is also working with Fujitsu, Enti, and Infineon, while planning to expand its customer base in Japan and the USA. The Sanand facility is planning to manufacture a wide range of power packages, including IGBT, IPM, and power MOSFETs, with substantial support from both central and state governments under the India Semiconductor Mission and the Make in India initiative. Kaynes SemiCon is therefore set to play a pivotal role in transforming India into a global semiconductor hub and achieving self-reliance in advanced electronics manufacturing.
The Joint Venture should also further benefit from the recently signed Swiss–India Free Trade Agreement (FTA) framework. After sixteen years of negotiations, Switzerland signed the agreement with India a year ago, along with the other members of the European Free Trade Association (EFTA) — Iceland, Liechtenstein, and Norway. Under the agreement, 94.7% of Swiss exports to India will benefit from customs relief, a crucial factor since India currently levies very high customs duties on most imported products. This trade framework will significantly enhance the JV’s competitiveness by reducing costs associated with the import of advanced semiconductor equipment, technology, and components, while facilitating smoother bilateral trade flows between Switzerland and India.
As of mid-September 2025, Kaynes Technology’s trailing twelve-month (TTM) revenue was $340 million, with a market capitalization of $5.44 billion. This strong financial foundation underscores Kaynes SemiCon’s capacity to scale advanced semiconductor initiatives and support India’s ambition to become a global semiconductor hub.
