Kochhar & Co acted as legal counsel to Tonbo Imaging India Limited in raising ₹175 crore in a Series D pre-IPO funding round led by Florintree Advisors, Tenacity Ventures and Export Import Bank of India.
The Firm provided end to end support and assistance in the transaction which entailed preparing, negotiating and finalizing the definitive transaction documents (such as the Subscription and Restated Shareholders Agreement), undertaking a comprehensive due diligence on the company, and assistance with all pre-closing, closing and post-closing actions.
The transaction was led by the Kochhar Bangalore corporate M&A team comprising of Anuj Kaila (Partner), Mansi Patel (Senior Associate), and Aniket Chowdhury (Associate). Various other members of the Kochhar Bangalore office also assisted with the due diligence.
The investment was led by Florintree Advisors, Tenacity Ventures, and the Export-Import Bank of India, valuing the company at approximately ₹1,500 crore. The funds will be utilized to accelerate the development of next-generation infrared sensors and the commercial deployment of high-power microwave technologies aimed at countering modern battlefield threats. Additionally, the capital will support working capital needs for global expansion and ongoing programs
Founded in 2012, Tonbo Imaging draws inspiration from the dragonfly's visual capabilities, designing cutting-edge sensing and processing systems to enhance situational awareness, targeting precision, and autonomous battlefield operations. The company's technologies are deployed in over 30 countries, serving elite defense forces such as the Israeli Defense Forces (IDF), U.S. Navy SEALs, NATO, and the Indian Ministry of Defense
This latest funding round comes as Tonbo prepares to file for its initial public offering (IPO), marking a significant step in its strategy to capitalize on opportunities within the rapidly growing C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance) market .
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