SFO lines up $73m as listing plans take shape

India-based electronics manufacturer SFO Technologies is raising about US$73 million (6.6 billion rupees) in a fresh round at a valuation of around US$440 million (40 billion rupees), according to sources familiar with the matter. The deal is in the final stages with commitments being received and paperwork underway.

The round includes investments from private equity firms Amicus Capital and Trident Growth Partners, which are committing about US$16.5 million (1.5 billion rupees) each. Trident’s co-investors are set to put in roughly US$33 million (3 billion rupees), while Amicus’ co-investors are contributing about US$7.1 million (650 million rupees), sources said.

Photo credit: SFO

Sources said the fresh capital will be used to expand the company’s customer base, broaden its product offerings, and acquire small and mid-sized firms in Europe. The company is also preparing for a potential IPO in the near term, which would allow investors to exit through the stock market.

SFO is one of India’s larger electronics manufacturing services (EMS) companies, which designs and manufactures electronic products for global brands like General Electric, Siemens, Stryker, Toshiba, Philips, Honeywell, ABB, Hitachi, Thales, Boeing, Collins Aerospace, Baker Hughes, and Google.

SFO focuses on the “low volume, high mix” segment, meaning it builds complex, specialized products in smaller batches rather than mass-market electronics. For instance, it supplies the cockpit multifunction displays for Boeing aircraft, electric vehicle fast-charging stations, power control panels, banknote processing machines, and ultrasound machines.

Founded in 1990 by N Jehangir and his brother Javed K. Hassan, the company began as Sun Fibre Optics in Kochi. It initially made printed circuit board assemblies and fiber-optic components for US clients. Over the years, it expanded into full-system electronics manufacturing and product design. It now serves more than 600 customers across sectors such as industrials, healthcare, aerospace, communications, and energy.

It operates 19 manufacturing facilities across four locations in India, including Kochi, Pune, Bengaluru, and Thiruvananthapuram. According to internal documents seen by Tech in Asia, SFO reported revenue of US$218 million in FY23, rising 29% to US$281 million in FY24. This increased a further 10% to US$309.5 million in FY25. The financial year in India ends on March 31 every year.

SFO told investors it is projecting revenue of US$420.2 million (38.2 billion rupees) in FY26 and US$557.5 million (50.7 billion rupees) in FY27.

Profit after tax stood at US$5.2 million in FY23, rising 6% to US$6 million in FY24, and 46% to US$8 million in FY25.

The company has raised limited external capital since inception — less than US$15 million — and had previously bought back shares from early investors.

SFO, Amicus Capital, and Trident did not respond to requests for comment.

Currency converted from Indian rupees. US$1 = 90.99 rupees.

See also: A list of fundraising startups from Asia and beyond (Updated)