Press Release
Tessolve, a Hero Electronix venture raises $150 million from TPG
This marks the largest fundraise for a semiconductor engineering services company in India
New Delhi, 1st September 2025: Tessolve, a Hero Electronix venture and the largest independent semiconductor engineering services company globally today announced it has secured $150 million in funding from leading global alternative asset management firm TPG. Tessolve will 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.
Ujjwal Munjal, Vice Chairman, Hero Electronix and Chairman, Tessolve remarked, “This 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. I would like to congratulate and thank the entire Tessolve team for its unwavering commitment which has made this milestone possible. With TPG joining this journey, we see an exciting opportunity for Tessolve to scale further and became a key player in the global semiconductor value chain and also play an important role in the development of the Indian semiconductor ecosystem.”
Hero Electronix entered the semiconductor space in 2016 with its acquisition of Tessolve, marking the Group’s foray into deep-tech. Over the years, Tessolve has scaled into a global engineering leader, attracting institutional backers and scaling revenues from $25 million in FY16 to over $150 million in FY25. In 2021, Singapore based Novo Tellus Capital Partners had invested $40 million in Tessolve and continues to be a significant shareholder, underscoring the confidence in both existing and new investors in Tessolve’s long-term trajectory.
Srini Chinamilli, Co-Founder & CEO, Tessolve, 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.”
Semiconductors have become extremely strategic to the global economy given its importance to multiple industries like data centers, auto, others and its core role in powering the artificial intelligence (AI) revolution. As a leading engineering services player in the US$550 billion semiconductor market, Tessolve is a partner to 18 of the world’s top 20 semiconductor firms today. It employs over 3,000 engineers across offices in India, US, Germany, UK, Singapore and Malaysia. It has made significant investments to build 11 semiconductor test and embedded labs across the globe to help enable a comprehensive solution offering to its clients.
Bhushan Bopardikar, Business Unit 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 organizations, we are excited to partner with Srini and his team and have Tessolve among our portfolio of innovative tech businesses.”
Jefferies acted as the advisor to the Company and shareholders on this transaction. Rothschild acted as the financial advisor to TPG.
About Tessolve
Tessolve is the leading provider of end-to-end engineering services across the semiconductor value chain from chip architecture, design, test development and embedded systems. It delivers complete turnkey services from design to packaged parts. Founded in 2004 in Bangalore, India, the company has expanded its presence to over 10 countries and serves 9 of the top 10 tech companies globally. With advanced silicon and system testing labs, Tessolve provides clients with a one-stop shop for both semiconductor and hardware engineering solutions, enabling faster market entry with its range of complementary solutions. For more details, visit www.tessolve.com.
About Hero Electronix
Hero Electronix is the technology arm of the Hero Group. It is building technology businesses out of India rooted in deep engineering expertise to address global themes at the intersection of hardware, software and AI. Established in 2015, Hero Electronix has backed multiple businesses including Tessolve, Qubo, India’s smart security devices leader, Zenatix, an Enterprise IoT company and MyBox, a connected media devices business.
About Novo Tellus
Novo Tellus Capital Partners is a Singapore based private equity firm focused on building technology and industrial companies across the Indo-Pacific. Novo Tellus has over US$1 billion in Assets Under Management and is distinguished by its deep sector insights and active partnerships with management teams to build lasting businesses that deliver superior investment returns.
About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.
For more information, please reach out to:
Tessolve / Hero Electronix
Harprateek
harprateek@themavericksindia.com
+91 9310024373
TPG
Edelman India
tpg-India@edelman.com
