Semiconductor Company Tessolve Raises USD 150 Mn from TPG

Semiconductor company Tessolve has secured USD 150 million in funding from leading global alternative asset management firm TPG, the company said on Monday.

Tessolve plans to use the additional capital to strengthen global delivery centers, expand advanced test labs and accelerate strategic acquisition as it looks to consolidate the company's position as a key enabler to the global and Indian semiconductor ecosystem.

TPG invested through TPG Growth, the firm's middle market and growth equity platform.

"Tessolve... has secured USD 150 million in funding from leading global alternative asset management firm TPG. This marks the largest fundraise for a semiconductor engineering services company in India," the company said in a statement.

Tessolve, Chairman, and Hero Electronix, Vice Chairman, Ujjwal Munjal said the 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.

Hero Electronix entered the semiconductor space in 2016 with its acquisition of Tessolve, marking the Group's foray into deep-tech.

Tessolve claims to have scaled up revenues from USD 25 million in FY16 to over USD 150 million in FY25.

In 2021, Singapore-based Novo Tellus Capital Partners had invested USD 40 million in Tessolve.

"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," Tessolve, Co-Founder & CEO, Srini Chinamilli said.