Tessolve raises $150 mn from TPG to expand semiconductor engineering

Tessolve has secured $150 million from TPG Growth to strengthen global delivery centres, expand advanced test labs and pursue acquisitions in semiconductor services

Tessolve, a semiconductor engineering services company majority owned by Hero Electronix, has raised $150 million from alternative asset management firm TPG.

 

The fund will be used to strengthen global delivery centres, expand advanced test labs and accelerate strategic acquisitions as the company looks to consolidate its position as a key enabler of the global and Indian semiconductor ecosystem.

 

TPG invested through TPG Growth, the firm’s middle market and growth equity platform. It was not immediately clear what stake TPG received in exchange for the investment.

 

Hero Electronix, part of the diversified Hero Group, first bought a stake in Tessolve in 2016. It owned about 58 per cent before the fundraise. Singapore-based private equity firm Novo Tellus, which owns about 32 per cent, acquired its stake in Tessolve in 2021 for about $40 million. Other investors include Applied Materials and Qualcomm Ventures.

 

“We are excited to welcome TPG as a partner as we look to accelerate our next phase of organic and inorganic growth, strengthen our R&D efforts and reach new heights,” Srini Chinamilli, Tessolve’s co-founder and chief executive officer, said.

 

Founded in 2004 and based in Bengaluru, Tessolve has built deep capabilities throughout the semiconductor engineering value chain, from chip architecture to design, test development and embedded systems. It works with a majority of the world’s top semiconductor companies and has 3,000 people across 10 countries, including the US, Germany and Canada.

 

It has invested in building 11 semiconductor test and embedded labs worldwide to offer comprehensive solutions to its clients. Tessolve reported revenue of $150 million for the financial year ended 31 March 2025.

 

Ujjwal Munjal, vice-chairman of Hero Electronix and Tessolve’s chairman, said, “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.”