Tessolve raises $150M from TPG to expand global delivery centres

Bengaluru-based semiconductor engineering services firm Tessolve has raised USD 150 million from global investment firm TPG. The fresh capital was raised through TPG Growth. 

Tessolve, a Hero Electronix venture, plans to use the funds to expand global delivery centres, scale advanced test labs, and pursue strategic acquisitions to consolidate its position in the domestic and global semiconductor market, the company said, according to a report by CNBC TV18.

Tessolve provides end-to-end engineering services across the semiconductor lifecycle, including chip architecture, design testing, development and embedded systems. 

It employs over 3,000 engineers across India, the US, Germany, the UK, Singapore and Malaysia. Tessolve was acquired by Hero Electronix in 2016.

“We see an exciting opportunity for Tessolve to scale further and become a key player in the global semiconductor value chain and also play an important role in the development of the Indian semiconductor ecosystem,” said Ujjwal Munjal, vice chairman, Hero Electronix and Tessolve chairman, according to a report by Business Standard.

“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,” said Srini Chinamilli, Co-Founder & CEO, Tessolve, according to a report by Money Control. “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.”