Tessolve, a semiconductor engineering services company under Hero Electronix, announced it has secured $150 million in funding from global asset management firm TPG.
Tessolve said the capital will be used to strengthen its global delivery centres, expand test laboratories and support strategic acquisitions as it seeks to consolidate its position in the semiconductor engineering services sector.
TPG invested through its TPG Growth platform, which focuses on middle-market and growth equity investments. Tessolve said the funding marks the largest capital raise for a semiconductor engineering services company in India to date.
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. With TPG joining this journey, we see an opportunity to scale further and become a key player in the global semiconductor value chain and support the development of the Indian semiconductor ecosystem.”
The company said it will use the funds to enhance research and development capabilities, strengthen its presence in international markets, and accelerate both organic and inorganic growth.
Tessolve said it has grown its revenues from $25 million in FY16 to over $150 million in FY25. The company reported employing more than 3,000 engineers across offices in India, the United States, Germany, the United Kingdom, Singapore and Malaysia. It also said it has established 11 semiconductor test and embedded labs worldwide to support client projects across the chip design and test lifecycle.
Co-founder and CEO Srini Chinamilli said, “Over the past couple of decades, Tessolve has built 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 accelerate our next phase of growth.”
According to Tessolve, it serves 18 of the world’s top 20 semiconductor companies and is a partner to organisations in sectors including data centres, automotive and artificial intelligence. The company said it provides end-to-end engineering services across the semiconductor value chain and has made significant investments in global test labs to offer comprehensive solutions.
Bhushan Bopardikar, Business Unit Partner at TPG Growth, said, “Tessolve has grown from a test engineering lab to a full-scale semiconductor engineering services provider, with capabilities across the semiconductor value chain. We are excited to partner with Srini and his team and have Tessolve among our portfolio of innovative technology businesses.”
The semiconductor engineering sector has become increasingly strategic due to its role in powering technologies such as artificial intelligence, data centres and automotive electronics. Tessolve said it aims to use the funding to expand its capabilities to serve these markets more effectively and support the development of the Indian semiconductor ecosystem.
