Tessolve, a division of Hero Electronix, has raised $150 million from TPG, a global investment firm. With this deal, an Indian semiconductor engineering services company has raised the most money. The investment is made through the company’s middle-market and growth equity platform, TPG Growth.
The money raised will go toward expanding cutting-edge test facilities, pursuing acquisitions, and growing delivery centers throughout the world. Tessolve wants to solidify its position as an important collaborator in the Indian and international semiconductor ecosystems.
Prior media reports indicated that TPG would purchase a minority stake in Tessolve, estimating the company’s worth between $475 and $500 million.
In 2016, Hero Electronix made its foray into the semiconductor industry by purchasing Tessolve. Since that time, the company’s revenue has reportedly increased from $25 million in FY16 to over $150 million in FY25. Singapore-based Novo Tellus Capital Partners made a $40 million investment in 2021 and is still a major shareholder.
Tessolve collaborates with 18 to 20 semiconductor companies. In Singapore, Malaysia, the US, Germany, the UK, and India, it has over 3,000 engineers working for it. The company has constructed eleven embedded and semiconductor test labs across the globe in order to provide end-to-end engineering services.
Data centers, autos, and artificial intelligence all depend on the semiconductor industry, which is worth over $550 billion.
