PE-VC Fund Investments
Hero Group-backed semiconductor maker Tessolve raises $150-M from TPG
Yourstory Economic Times Tessolve
Bengaluru-based semiconductor design and engineering firm Tessolve , which is majority owned by Hero Electronix, has raised USD 150 million from TPG in lieu of a minority stake.The firm will use the capital to strengthen its global delivery centres, expand advanced test labs and accelerate acquisitions.Jefferies advised the company and its shareholders, and Rothschild acted as the financial advisor to TPG in this fundraise.Hero Electronix, backed by Suman Kant Munjal of the Hero Group, had acquired Tessolve from Raja Manickam in 2016 and currently holds a 58% stake. Singapore-based Novo Tellus Capital Partners owns 32%, while the remaining shares are held by co-founder Raja Manickam, Qualcomm Ventures, individual investors including Mike Bartley, and employees via stock options.Founded in 2004, Tessolve offers a one-stop solution through services spanning chip design, testing, production support, and embedded software.
Between Apr 2008 and Apr 2021, Tessolve Services had attracted about USD 61 M from Novo Tellus, Applied Ventures, JAFCO Asia, Qualcomm Ventures, Reliance Venture, Vertex and others.For FY24, Tessolve Services had reported about INR 1,021 Cr in Operating Income and about INR 46 Cr in PAT.
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