Bengaluru, 3 September (Kiran News): Tessolve, a leading Indian semiconductor engineering services company under Hero Electronix, has secured a $150 million investment from TPG Growth, the growth equity platform of global alternative asset management firm TPG.
Expansion Plans and Growth Trajectory
According to a statement, the capital infusion will help Tessolve enhance its global delivery centres, expand advanced test laboratories, and accelerate both organic and inorganic growth, including acquisitions.
Co-founder and CEO Srini Chinamilli 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, part of the Hero Group, entered the semiconductor industry in 2016 through the acquisition of Tessolve. Since then, Tessolve has seen its revenues grow from $25 million in FY2016 to an expected $150 million in FY2025.
In 2021, Tessolve also received a $40 million investment from Singapore-based Novo Tellus Capital Partners.
Global Presence and Acquisitions
Tessolve currently works with 18 of the world’s top 20 semiconductor companies and employs more than 3,000 engineers across India, the US, Germany, the UK, Singapore, and Malaysia. The company has established 11 semiconductor test and embedded laboratories globally to provide comprehensive solutions for its clients.
In November 2024, Tessolve further expanded its international presence by acquiring Dream Chip Technologies, a semiconductor chip design firm based in Germany, for up to Rs 4 billion ($47.4 million). This strategic move is aimed at strengthening Tessolve’s capabilities in system-on-chip design, with a focus on artificial intelligence, automotive, data centre, and industrial sectors. The acquisition also added four delivery sites in Germany and the Netherlands.
Industry Recognition
Bhushan Bopardikar, Partner at TPG Growth, 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.”
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.