Tessolve, an Indian company under Hero Electronix offering semiconductor engineering services, has garnered $150m in investment from TPG, a company specialising in alternative asset management.
The capital injection will be directed towards enhancing Tessolve’s global delivery centres, expanding its advanced test laboratories, and speeding up acquisitions.
Tessolve co-founder and CEO Srini Chinamilli, as reported by The Hindu Businessline, 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.”
Hero Electronix, a unit of Hero Group, ventured into the semiconductor industry in 2016 through the acquisition of Tessolve.
Since then, Tessolve has witnessed an increase in revenues, growing from $25m in the fiscal year 2016 to more than $150m anticipated in the fiscal year 2025.
In 2021, Tessolve received a $40m investment from Novo Tellus Capital Partners, a firm based in Singapore.
Currently, Tessolve collaborates with 18 of the world’s top 20 semiconductor companies.
The company employs more than 3,000 engineers distributed across its offices in India, the US, Germany, the UK, Singapore, and Malaysia.
TPG Growth business unit 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 semiconductor value chain.
“As a partner of choice for many of the world’s fast-growing, tech-forward organisations, we are excited to partner with Srini and his team and have Tessolve among our portfolio of innovative tech businesses.”
Tessolve has made notable investments in establishing 11 semiconductor test and embedded laboratories worldwide, providing comprehensive solutions to its clientele.
In a significant move in November 2024, Tessolve acquired Dream Chip Technologies, a semiconductor chip design company based in Germany, for up to Rs4bn ($47.4m).
The acquisition aimed to enhance Tessolve’s capabilities in system on chip design, with a focus on artificial intelligence, automotive, data centre, and industrial sectors.
Furthermore, the acquisition expanded the company's presence in Europe, adding four delivery sites in Germany and the Netherlands.
