TPG Growth has invested $150 million in Tessolve, a leading semiconductor engineering services company headquartered in India.
Founded in 2004 and acquired by Hero Electronix in 2016, Tessolve works with 18 of the world’s top 20 semiconductor firms and employs over 3,500 engineers globally. The investment will support Tessolve’s plans to expand its global delivery centres, strengthen advanced testing labs, and enhance its semiconductor engineering capabilities.
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Parties Involved
Investor: TPG Growth
Target: Tessolve (subsidiary of Hero Group)
Existing Shareholder Involved: Novo Tellus
Legal Counsel to TPG Growth (India): Khaitan & Co
Legal Counsel to TPG Growth (International): Cleary Gottlieb Steen & Hamilton LLP
Legal Counsel to Tessolve & Hero Group: Trilegal
Legal Counsel to Novo Tellus: Cyril Amarchand Mangaldas
Advisory Teams
Khaitan & Co – Counsel to TPG Growth
Kartick Maheshwari, Partner
Gautam Suseel, Partner
Hardik Bhatia, Partner
Sweta Rao, Counsel
Shreyas Bapat, Principal Associate
Rhythm Chopra, Senior Associate
Due Diligence Team:
Nirupam Lodha, Partner
Shivangi Narang, Principal Associate
Vivek Narayan, Senior Associate
Simran Sharma, Senior Associate
Toshani Mukherjee, Senior Associate
Insaf Ahamad T K, Associate
Tasneem Husain, Associate
Vidya Shenoy, Associate
Harshit Sawale, Associate
Ajay Kranthi Kothwal, Associate
Cleary Gottlieb Steen & Hamilton LLP – International Counsel to TPG Growth
Advised on international structuring and documentation aspects.
(Team details not publicly disclosed.)
Trilegal – Counsel to Tessolve and Hero Group
Amit Khansaheb, Partner
Vishruta Kaul, Partner
Kirti Balasubramanian, Partner
Sanchita Kumari, Senior Associate
Advaye Sawhny, Senior Associate
Paarth Samdani, Associate
Competition Law:
Aparna Mehra, Partner
Kshitij Sharma, Senior Associate
Ashlesha Singhal, Associate
Due Diligence:
Vishruta Kaul, Partner
Kanishka Maggon, Partner
Kirti Balasubramanian, Partner
Manu Gupta, Counsel
Sanchita Kumari, Senior Associate
Advaye Sawhny, Senior Associate
Tania Gupta, Senior Associate
Paarth Samdani, Associate
Neha Koppu, Associate
Riya Thawani, Associate
Farhana Akhtar, Associate
Trisha Bhayana, Associate
Cyril Amarchand Mangaldas – Counsel to Novo Tellus
Aditi Manchanda, Partner
Kushal Ramotre, Director – Corporate Transactions
Kaushik Raichura, Associate
Thangadurai V.P., Principal Associate (Taxation)
About Tessolve
Tessolve is a leading semiconductor engineering services provider, delivering end-to-end solutions across chip design, test engineering, embedded systems, and product qualification. With over 3,500 engineers across its offices worldwide, the company has become a trusted partner to global semiconductor firms.
The company is backed by Hero Electronix, part of the Hero Group, and Novo Tellus Capital Partners, a Singapore-based private equity firm.
Strategic Significance
The investment marks a strong vote of confidence in India’s semiconductor and AI-driven engineering ecosystem. With global supply chains shifting and semiconductor demand surging, India is becoming a key hub for design and testing services.
For TPG Growth, this investment builds on its strategy of backing high-growth technology and engineering companies with global client bases.
For Tessolve, the fresh capital will allow it to accelerate its role as a critical partner to Fortune 500 semiconductor companies, helping address supply bottlenecks and driving innovation in semiconductor design and testing.
Why It Matters
This deal underscores:
India’s growing role in the global semiconductor value chain.
Rising investor confidence in engineering services and technology infrastructure.
With investments like these, India’s semiconductor services market is poised to expand, aligning with the government’s semiconductor mission and global industry shifts.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions
