Semiconductor design and engineering company Tessolve, which is majority-owned by Hero Electronix, on Monday announced that it has secured $150 million in funding from global alternative asset management firm TPG.
TPG invested through TPG Growth, the firm’s middle market and growth equity platform.
Tessolve will use the additional capital to strengthen global delivery centres, expand advanced test labs, and accelerate strategic acquisition as it looks to consolidate its position as a key enabler for the global and Indian semiconductor ecosystem, it said in a statement.
“With TPG joining this journey, we see an exciting opportunity for Tessolve to scale further and become a key player in the global semiconductor value chain and also play an important role in the development of the Indian semiconductor ecosystem,” said Ujjwal Munjal, Vice Chairman of Hero Electronix and Chairman of Tessolve.
Hero Electronix ventured into the semiconductor sector in 2016 through the acquisition of Tessolve. Since then, the company has grown its revenue from $25 million in FY2016 to over $150 million in FY2025. In 2021, Singapore-based Novo Tellus Capital Partners invested $40 million in Tessolve and remains a significant shareholder.
“Over the past couple of 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,” said Srini Chinamilli, co-founder & CEO, Tessolve.
Operating in the $550-billion semiconductor market, Tessolve claims to be a partner to 18 of the world’s top 20 semiconductor firms at present. It employs over 3,000 engineers across offices in India, the US, UK, Germany, Singapore, and Malaysia.
Jefferies acted as the advisor to the company and shareholders on this transaction. Rothschild acted as the financial advisor to TPG.
