Hero acquires Bengaluru-based Tessolve

Hero Group’s electronics manufacturing company Hero Electronix has made a strategic investment in Bengaluru-based Tessolve Semiconductor. The Rs 300-crore Hero Electronix will hold a majority stake in the company by the end of this year by buying out other stakeholders in Tessolve over the next several months. With this acquisition, Delhi-based Hero plans to take a deep dive into electronics manufacturing including wearables, Internet of Things(IoT) devices, and electronic components.

Founded in 2004 by Raja Manickam, Tessolve has 900 employees and also has offices in Malaysia and Singapore. Hero Group, which runs one of the largest two-wheeler manufacturing firms in the country, Hero MotoCorp, is looking to invest Rs 1,000 crore to Rs 1,200 crore over the next five to seven years in the electronics vertical and achieve a billion dollars in revenue from it.