Tessolve, a semiconductor engineering services company that is part of Hero Electronix, has raised $150 million in a funding round led by global investment firm TPG.

TPG made the investment through its growth equity platform, TPG Growth.

The Bengaluru-based startup will use the fresh capital to expand global delivery centers, build advanced test labs, pursue acquisitions, and strengthen R&D, the company said in a statement

Tessolve, which was founded by Srini Chinamilli, Raja Manickam, and Veerappan V.V. in 2004, is a global semiconductor engineering firm providing end-to-end chip design, testing, product engineering, and embedded solutions, serving top semiconductor companies across industries like automotive, IoT, and networking.

Tessolve was acquired by Hero Electronix, which is the technology arm of the Hero Group, in 2016 that marked its foray into deep-tech. The company has partnerships with 18 of the world’s top 20 semiconductor firms today and employs over 3,000 engineers across offices in India, the US, Germany, the UK, Singapore and Malaysia.

Tessolve's revenue jumped from $25 million in FY16 to over $150 million in FY25. 

Srini Chinamilli, co-founder & CEO of Tessolve, said the company has built expertise across the semiconductor engineering spectrum—covering chip design, testing, and embedded systems—and sees TPG’s partnership as crucial for its next phase of both organic and inorganic expansion.

Bhushan Bopardikar, business unit partner at TPG Growth, noted Tessolve’s transformation from a testing lab to a full-service semiconductor engineering firm.

Earlier in 2021, the company had raised $40 million from Novo Tellus, and it continues to be a significant shareholder, the statement said.