How Hero Group turned a chip-testing shop nobody wanted into a Rs 1,900-crore stake
The post How Hero Group turned a chip-testing shop nobody wanted into a Rs 1,900-crore stake appeared first on The Ken .
In October 2016, Hero Electronix founder Ujjwal Munjal acquired a stake in Tessolve Semiconductor, a chip-testing company, which later became Tessolve. Munjal was pleased with his decision, stating that they are not "hung up on ownership" and would exit the investment if the right opportunity arises. Tessolve's revenue has grown thirteenfold since its founding in 2016, reaching over Rs 1,500 crore in FY26, according to Tracxn data.
The company has more than 3,500 engineers across 10 countries and serves 18 of the world's 20 largest chipmakers. Hero Electronix's investment of about Rs 210 crore was worth roughly Rs 1,900 crore at TPG's valuation, which is 9 times the initial investment. After selling shares twice, in 2021 and 2025, Munjal now holds a stake below 50% in Tessolve, still the largest shareholder.
The funds from these sales are being used to expand Hero Electronix's smart-home electronics brand, Qubo, and explore new opportunities.
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