Tessolve, a semiconductor engineering services company majority-owned by Hero Electronix, raised $150 million from TPG Alternative Asset Management.
The funds will be used to strengthen global delivery centres, expand advanced test labs, and accelerate strategic acquisitions as the company seeks to cement its position as a key enabler of the global and Indian semiconductor ecosystems.
Key Highlights
- Tessolve secures a landmark $150 million from TPG Growth—the largest raise for an Indian semiconductor engineering firm.
- Funding will drive expansion of global delivery centers, advanced test labs, and strategic acquisitions in semiconductors.
TPG made its investment through TPG Growth, the firm's middle market and growth equity platform. It was unclear what stake TPG received in exchange for its investment.
Hero Electronix, a subsidiary of the diversified Hero Group, first acquired Tessolve in 2016. It owned approximately 58% prior to the fundraising.
Novo Tellus, a Singapore-based private equity firm, acquired a 32% stake in Tessolve in 2021 for approximately $40 million. Other investors include Applied Materials and Qualcomm Ventures.
"We are delighted to welcome TPG as a partner as we seek to accelerate our next phase of organic and inorganic growth, strengthen our R&D efforts, and scale new heights," said Srini Chinamilli, Tessolve's co-founder and CEO.
Tessolve, founded in 2004 and headquartered in Bengaluru, has developed deep capabilities across the semiconductor engineering value chain, including chip architecture, design, test development, and embedded systems. It works with the majority of the world's leading semiconductor companies and employs 3,000 people in ten countries, including the United States, Germany, and Canada.
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It has invested in 11 semiconductor test and embedded labs around the world to provide comprehensive solutions to its clients. Tessolve reported revenue of $150 million for the fiscal year ended March 31, 2025.
Ujjwal Munjal, vice-chairman of Hero Electronix and chairman of Tessolve, stated, "This investment is a significant milestone for Tessolve and a testament to Hero Electronix's vision to build leading technology ventures of global scale from India."
