Tessolve, a semiconductor engineering services company and a part of Hero Electronix, has raised $150 million in funding from TPG, a global alternative asset management firm. TPG invested through TPG Growth, the firm’s middle market and growth equity platform.
The fresh funds raised will be used to strengthen its global delivery centers, expand advanced test labs and accelerate strategic acquisitions as it looks to consolidate the company’s position as a key enabler to the global and Indian semiconductor ecosystem.
Ujjwal Munjal, Vice Chairman – Hero Electronix and Chairman – Tessolve, 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. I would like to congratulate and thank the entire Tessolve team for its unwavering commitment, which has made this milestone possible. With TPG joining this journey, we see an exciting opportunity for Tessolve to scale further and became a key player in the global semiconductor value chain and also play an important role in the development of the Indian semiconductor ecosystem.”
Srini Chinamilli, Co-Founder & CEO, Tessolve, said, “Over the past couple decades, Tessolve has built deep capabilities throughout the semiconductor engineering value chain, from chip architecture, to design, test development and embedded systems. 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. This would not have been possible without the dedication of our worldwide team and the consistent backing of Hero Electronix and Novo Tellus as our partners.”
Bhushan Bopardikar, Business Unit Partner at TPG Growth said, “Over the years, Tessolve has grown from a test engineering lab to a full-scale semiconductor engineering services provider, with end-to-end capabilities across the semiconductor value chain. As a partner-of-choice for many of the world’s fast-growing, tech-forward organizations, we are excited to partner with Srini and his team and have Tessolve among our portfolio of innovative tech businesses.”
Founded in 2004 in Bangalore, Tessolve is a provider of end-to-end engineering services across the semiconductor value chain from chip architecture, design, test development and embedded systems. It delivers complete turnkey services from design to packaged parts.
With advanced silicon and system testing labs, Tessolve provides clients with a one-stop shop for both semiconductor and hardware engineering solutions, enabling faster market entry with its range of complementary solutions.
The company has expanded its presence to over 10 countries and serves 9 of the top 10 tech companies globally.
Tessolve is a partner to 18 of the world’s top 20 semiconductor firms. It employs over 3,000 engineers across offices in India, US, Germany, UK, Singapore and Malaysia. It has made significant investments to build 11 semiconductor test and embedded labs across the globe to help enable a comprehensive solution offering to its clients.
Tessolve has scaled into a global engineering leader, attracting institutional backers and scaling revenues from $25 million in FY16 to over $150 million in FY25. In 2021, Singapore-based Novo Tellus Capital Partners invested $40 million in Tessolve.
Hero Electronix entered the semiconductor space in 2016 with its acquisition of Tessolve, marking the Group’s foray into deep-tech.
Hero Electronix is the technology arm of the Hero Group. It is building technology businesses out of India, rooted in deep engineering expertise to address global themes at the intersection of hardware, software and AI. Established in 2015, Hero Electronix has backed multiple businesses, including Tessolve, Qubo, India’s smart security devices leader, Zenatix, an Enterprise IoT company and MyBox, a connected media devices business.
