Mirror Review
September 1, 2025
Bengaluru-based semiconductor engineering firm Tessolve has raised $150 million from TPG Growth in September 2025.
It is the largest fundraising round for a semiconductor engineering services firm in India so far, and it makes Tessolve the sixth Indian company in 2025 to cross the $100 million mark.
The deal values Tessolve at nearly $500 million, reflecting investor confidence in semiconductor services as a fast-growing segment alongside manufacturing.
This round also places Tessolve in a select group among the top 6 Indian companies in 2025 to cross the $100 million fundraising mark.
Why Investors Are Betting on Tessolve
- End-to-end expertise – Tessolve provides semiconductor design, test engineering, and embedded solutions, making it a one-stop partner for chipmakers.
- Global demand – With AI, automotive, and data center growth, the $627 billion global semiconductor market (2024) is expected to cross $2 trillion by 2040.
- India’s policy push – Government incentives like the India Semiconductor Mission are boosting local capabilities, creating a friendlier ecosystem for service providers.
- M&A ambitions – Tessolve plans to use part of the funds for strategic acquisitions, especially in the US and Europe, to strengthen its client base and IP portfolio.
The Top 6 Indian Companies To Cross The $100M+ Fundraising Mark in 2025
According to Tracxn’s India Tech Semi-Annual Report, Tessolve joins a diverse list of high-growth companies that have attracted significant capital this year. Here’s a look at the top six fundraisers of 2025 so far:
6. Tessolve — $150M (September 2025)
- Tessolve is a Bengaluru-based semiconductor engineering firm.
- Raise Detail: Secured $150M from Singapore’s Temasek in its biggest round to date.
- Why it matters: Largest-ever funding for a semiconductor services company in India; joins the elite list of six that crossed $100M+ in 2025.
5. Darwinbox — $140M (March 2025)
- Darwinbox is a Hyderabad-based HR tech SaaS unicorn.
- Raise details: Raised $140 million from Partners Group and KKR in March; later secured another $40M from Canada’s Teachers’ Venture Growth (TVG) in August.
- Why it matters: This funding pushed the company toward a $1B+ valuation and accelerated its global and AI expansion.
4. Spinny — ~ $170M (mid-2025)
- Spinny is a Gurugram-based used-car marketplace.
- Raise details: Extended its ongoing Series F to around $170M with fresh capital from WestBridge Capital.
- Why it matters: Largest funding round in the used-car space since 2021; underlines investor confidence despite sector headwinds.
3. Infra.Market — $150M (debt, mid-2025)
- Infra.Market is a B2B construction materials marketplace.
- Raise details: Raised an additional $50M in debt, bringing total Mars Growth Capital facility to $150M.
- Why it matters: Supports pre-IPO expansion, with plans for a DRHP filing and deeper market penetration.
2. GreenLine Mobility — $275M (April 2025)
- GreenLine Mobility are Essar Group’s heavy-truck green logistics operator.
- Raise details: $275M equity infusion, including $20M from Nikhil Kamath.
- Why it matters: Funds deployment of 10,000+ LNG and EV trucks and a nationwide decarbonisation infrastructure (e.g., 100 refueling/charging stations).
1. Erisha E Mobility — $1B (March 2025)
- Erisha E Mobility are EV makers under the Rana Group, focused on smart manufacturing and green energy.
- Raise details: Raised a massive $1 billion from a UAE-based industrial investor.
- Why it matters: Funding will back global expansion across UAE, Saudi Arabia, USA, Europe, Africa, and set up smart manufacturing hubs.
What This Wave of $100M+ Deals Means
India’s 2025 funding wave has been notable not just for the size of the deals but also for their diversity.
From deep-tech (Tessolve), HR SaaS (Darwinbox), and mobility (Spinny, Erisha, GreenLine) to infra-tech (Infra.Market), the trend shows investors are betting on long-term sectors, not just quick-scaling apps.
Semiconductors and green mobility stand out as themes where India is expected to play a bigger global role in the coming decade.
Tessolve’s entry into the $100M+ club is symbolic since core industries are finally attracting big-ticket capital.
Conclusion: Tessolve’s Place in India’s 2025 Funding Story
With $150M in fresh backing, Tessolve is more than just the 6th Indian company to hit $100M+ this year. It’s a marker of India’s changing tech landscape.
As the country tries to position itself as a semiconductor hub, deals like these could be the sparks that light a new growth engine.
The top five ahead of Tessolve have already made bold moves in EVs, logistics, infra, and SaaS.
But in a year where every sector is chasing scale, Tessolve’s bet on semiconductor services could prove to be the most strategic of them all.
