Tonbo Imaging Secures IPO Nod After Refiling Draft Papers

Defence tech startup Tonbo Imaging has received SEBI approval for its proposed IPO, which comprises an OFS of up to 1.81 Cr equity shares.

The Bengaluru-based startup had initially filed its DRHP in December 2025 and secured SEBI’s approval in July. It subsequently filed fresh draft papers in August, keeping the offer size largely unchanged.

According to SEBI’s latest processing status update, the regulator issued its observations on Tonbo’s IPO papers on September 21.

All three cofounders — Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza — are looking to sell part of their holdings through the IPO, alongside a promoter group shareholder and existing investors.

The startup’s backers include Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India, and Florintree. 

Founded in 2003, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout of its erstwhile parent by its promoters, which include cofounders Kondangi, Ankit Kumar, and D’Souza. 

In April last year, the startup raised ₹175 Cr in its Series D funding round from Florintee Advisors and EXIM Bank at a valuation of ₹1,500 Cr.

According to the Frost & Sullivan report cited in the company’s DRHP, Tonbo was the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India during FY24-FY26. It accounted for 94.3% of India’s thermal imaging exports by units during the same period.

As of March 31, 2026, Tonbo had deployed more than 28,000 systems across 24 countries. Its product portfolio includes thermal imaging cores, weapon sights, thermal binoculars, targeting systems, missile seekers, fire-control systems and missile-guidance systems.

The startup said it owns 100% of its intellectual property since FY24, spanning optics, embedded software and electronics.

Tonbo follows an asset-light manufacturing model, outsourcing production to certified electronics manufacturing services partners such as Kaynes Technology and Avalon Technology. Prototype development, system integration and qualification testing are undertaken in-house.

On the financial front, Tonbo Imaging reported a net profit of ₹362.6 Cr in FY26, a 30% decrease from ₹469.1 Cr in the previous year. The startup also reported a 22.7% decline in its operating revenue to ₹299.9 Cr from ₹374.3 Cr in FY25. 

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