India, Sept. 28 -- 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 V...