Team Startupcity

• Tessolve raises $150 Million from TPG to strengthen global delivery centres, expand labs, and fund strategic acquisitions.
• Largest funding for an Indian semiconductor services firm, building on previous $63M raised across seven rounds.
• Employs 3,000+ engineers worldwide and partners with 18 of the top 20 global semiconductor companies.

Tessolve, a semiconductor engineering services company, has secured $150 million in funding from global alternative asset management firm TPG, the company said on Monday.

Acquired by Hero Electronix in 2016, Tessolve said this latest funding round is the largest for a semiconductor engineering services firm in India. The acquisition had marked Hero Electronix’s entry into deep-tech.

The company plans to use the funds to strengthen global delivery centres, expand advanced test labs, and accelerate strategic acquisitions. This move aims to consolidate Tessolve’s position in the Indian semiconductor ecosystem and expand its global footprint.

“We see an exciting opportunity for Tessolve to scale further and become a key player in the global semiconductor value chain, while also supporting the development of India’s semiconductor ecosystem”, said Ujjwal Munjal, Vice Chairman of Hero Electronix and Tessolve chairman.

According to Tracxn data, Tessolve has previously raised $63 million across seven funding rounds, including seed, early-stage, and late-stage rounds. Its largest previous investment was a $40 million Series-F round in April 2021, led by Singapore-based Novo Tellus Capital Partners, which remains a significant shareholder.

TPG invested through its TPG Growth platform, which focuses on middle market and growth equity. Jefferies acted as advisor to Tessolve and its shareholders, while Rothschild served as TPG’s financial advisor for the transaction.

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Semiconductors have become highly strategic globally, supporting industries like data centres, automotive, and artificial intelligence. Tessolve partners with 18 of the world’s top 20 semiconductor companies and employs over 3,000 engineers across offices in India, the US, UK, Germany, Singapore, and Malaysia.

With this latest funding, Tessolve aims to expand its capabilities, enhance global delivery, and strengthen its role in the rapidly growing semiconductor sector, both in India and worldwide.