Chip In! TPG Backs Tessolve with $150 Million

Tessolve, a Bengaluru-based semiconductor engineering services firm majority owned by Hero Electronix, has raised $150 million from global alternative asset manager TPG, through its TPG Growth platform.

The investment will enable Tessolve to strengthen global delivery centers, expand advanced semiconductor test labs, and accelerate strategic acquisitions, reinforcing its position in both the Indian and global semiconductor ecosystems.

Founded in 2004, Tessolve provides end-to-end semiconductor engineering solutions—ranging from chip architecture and design to test development and embedded systems. The company employs over 3,000 professionals across 10 countries, including the US, Germany, and Canada, and operates 11 test and embedded labs worldwide.

Hero Electronix, part of the Hero Group, acquired a controlling stake in Tessolve in 2016 and held a 58% share prior to this round. Novo Tellus, which joined as an investor in 2021 with a $40 million investment, owns approximately 32%.

Commenting on the development, Srini Chinamilli, CEO of Tessolve, said:

“This partnership with TPG will accelerate our next phase of organic and inorganic growth.”

News by Rahul Yelligetti.