Hero Electronix’s semiconductor firm Tessolve raises $150 Mn from TPG

Tessolve, part of Hero Electronix, has secured $150 million in funding from global investment firm TPG. The deal marks the largest fundraise by a semiconductor engineering services company in India. The investment comes through TPG Growth, the firm’s middle-market and growth equity platform.

The proceeds will be used to scale global delivery centers, expand advanced test labs, and pursue acquisitions. Tessolve aims to strengthen its role as a key partner to both global and Indian semiconductor ecosystems.

Earlier media reports suggested that TPG would acquire a minority stake in Tessolve, valuing the company at $475–$500 million

Hero Electronix entered the semiconductor sector in 2016 with the acquisition of Tessolve. Since then, the company claims to have grown from revenues of $25 million in FY16 to over $150 million in FY25. In 2021, Singapore-based Novo Tellus Capital Partners invested $40 million and remains a significant shareholder.

Tessolve works with 18-20 semiconductor firms. It employs more than 3,000 engineers across India, the US, Germany, the UK, Singapore, and Malaysia. The company has built 11 semiconductor test and embedded labs worldwide to offer end-to-end engineering services.

The semiconductor industry is valued at over $550 billion and is critical to sectors like data centers, automobiles, and artificial intelligence.