New Delhi, Sept. 1 -- Bengaluru-based semiconductor engineering services firm Tessolve has secured $150 million (around Rs 1,323 crore) from TPG Growth, the growth equity platform of U.S.-based private equity firm TPG Inc.
The investment will be used for acquisitions, expanding test labs, and strengthening global delivery centres, according to a company statement.
Hero Electronix entered the semiconductor sector by acquiring Tessolve in 2016. Tessolve has since become a key engineering provider, attracting institutional backing and experiencing substantial revenue growth.
Over the past decade, the company has scaled up its revenues from $25 million in FY16 to more than $150 million in FY25. In 2021, Singapore-based Novo Tellus Capital Partners invested $40 million in Tessolve and remains a key shareholder.
Ujjwal Munjal, vice chairman, Hero Electronix and chairman, Tessolve, said that the partnership is an exciting opportunity for Tessolve to scale up further and become a key player in the global semiconductor value chain. He believes it will also play an important role in the development of the Indian semiconductor ecosystem.
Srini Chinamilli, co-Founder and CEO of Tessolve, added that the new development will lead to "accelerated organic and inorganic growth, strengthened R&D efforts, and help them reach new heights".
Founded in 2004, Tessolve has built 11 semiconductor test and embedded labs globally. It has partnered with 18 of the top 20 semiconductor firms. The company employs over 3,000 engineers across offices in India, the US, Germany, the UK, Singapore, and Malaysia, and operates 11 semiconductor test and embedded labs globally.
Jefferies served as the advisor to the company and shareholders, while Rothschild acted as the financial advisor to TPG.
Published by HT Digital Content Services with permission from VC Circle.