Fuelled by rising chip demand, Tessolve secures investment from TPG to boost labs, expand centres, and strengthen its global role in semiconductor engineering services.
Tessolve, a Hero Electronix venture, has raised $150 million from global investment firm TPG, calling it the largest fundraising round for a semiconductor engineering services company in India.
The investment, made through TPG Growth, will be used to expand global delivery centres, upgrade advanced test labs and accelerate acquisitions to consolidate Tessolve’s role in both Indian and global semiconductor ecosystems, said the company.
Ujjwal Munjal, Vice Chairman of Hero Electronix and Chairman of Tessolve, called the deal a milestone.
“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,” he said. He added that TPG’s support would help Tessolve scale further within the global semiconductor value chain.
Since Hero Electronix acquired Tessolve in 2016, the company has grown revenues from $25 million in FY16 to over $150 million in FY25. In 2021, Singapore-based Novo Tellus Capital Partners invested $40 million and remains a key shareholder.
Srini Chinamilli, Co-Founder and CEO of Tessolve, highlighted the firm’s progress. “Over the past couple decades, Tessolve has built deep capabilities throughout the semiconductor engineering value chain. We are excited to welcome TPG as a partner as we look to accelerate our next phase of organic and inorganic growth,” he said.
Tessolve works with 18 of the world’s top 20 semiconductor companies. It employs more than 3000 engineers across India, the US, Germany, the UK, Singapore and Malaysia, with 11 test and embedded labs globally.
TPG Growth partner Bhushan Bopardikar 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 value chain.”
Jefferies advised Tessolve and its shareholders, while Rothschild acted as advisor to TPG.
