Contract manufacturing platform Zetwerk and defence imaging company Tonbo Imaging have received approval from the Securities and Exchange Board of India (Sebi) to launch their public offerings.
Zetwerk received observations from Sebi on 9 July and Tonbo Imaging on 6 July, according to the regulator’s processing status update. The former filed with the regulator in March, while the latter submitted IPO documents in December 2025.
With observations in hand, Zetwerk has an 18-month window to go public, given that it filed its IPO papers confidentially. Tonbo Imaging, on the other hand, must list within the next 12 months.
Tonbo Imaging has filed only for an offer-for-sale listing. Its investors are expected to offload up to 18.1 million equity shares.
So far, two deeptech precision manufacturing businesses have gone public: Aequs and SEDEMAC Mechatronics.
About the companies
Zetwerk was founded in 2018 by Amrit Acharya and Srinath Ramakkrushnan, along with Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma. The group built the company as a technology-enabled manufacturing platform connecting industrial demand with a distributed network of suppliers and manufacturing facilities.
It runs on a proprietary software system, Zetwerk OS, which manages sourcing, production planning, supplier coordination and project execution across its network of owned facilities and third-party manufacturers.
Zetwerk’s business spans sectors such as energy, electronics, defence, aerospace, and capital goods, as well as a platform focused on industrial supply and raw material procurement.
It is backed by marquee global and domestic investors, including Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, GreenOak and Lightspeed.
Tonbo Imaging was founded in 2003 by technologists with prior experience at the US department of defence and the Sarnoff Corporation. It transitioned into a defence-focused product manufacturer in 2012 following a buyout by its promoters.
The company is promoted by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza. It builds imaging, sensor, targeting, and battlefield systems for military and security applications, positioning it within India’s expanding defence-tech and indigenisation story.
As of 30 June 2025, it had over 20,000 systems deployed across 24 countries.
Its marquee investors include Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital II LP, HBL Engineering, Tenacity Ventures, India Exim Bank, and Florintree.
JM Financial Ltd and IIFL Capital Services Ltd are the book-running lead managers for Tonbo Imaging’s issue.
