Hero Electronix's Semiconductor Firm Tessolve Bags USD 150 Mn Funding from TPG The capital will be used to expand global delivery centers, enhance advanced testing infrastructure, and pursue acquisitions.
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Tessolve, a semiconductor engineering services company under Hero Electronix, has raised USD 150 million from global investment firm TPG. The investment comes through TPG Growth, the firm's middle-market and growth equity platform.
As per the official release, the fresh capital will be used to expand global delivery centers, enhance advanced testing infrastructure, and pursue acquisitions.
Hero Electronix entered the semiconductor segment in 2016 with the acquisition of Tessolve. Since then, the company claims that its revenue has grown from USD 25 million in FY16 to more than USD 150 million in FY25. In 2021, Singapore-based Novo Tellus Capital Partners invested USD 40 million in Tessolve and continues to hold a significant stake.
Tessolve works with about 18 to 20 semiconductor firms and employs more than 3,000 engineers across India, US, Germany, the UK, Singapore, and Malaysia. It operates 11 semiconductor test and embedded labs globally to provide end-to-end engineering solutions.
The semiconductor industry is valued at over USD 550 billion, and underpins technologies across data centers, automobiles, and artificial intelligence.
Jefferies advised Tessolve and its shareholders on the transaction, while Rothschild served as the financial advisor to TPG.
Founded in 2004 in Bengaluru, Tessolve has expanded its presence to over 10 countries and serves 9 of the top 10 tech companies globally. Tessolve provides end-to-end engineering services across the semiconductor value chain from chip architecture, design, test development and embedded systems.
