Tonbo Imaging IPO Upcoming

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About Tonbo Imaging

Tonbo Imaging is a Bengaluru-based defence technology startup founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza. Inspired by the dragonfly’s unique visual system, Tonbo specialises in designing and deploying advanced imaging and sensor systems to enhance battlefield autonomy, situational awareness, and targeting precision. Tonbo’s product suite serves land, air, and naval defence needs and includes smart thermal weapon sights, border and coastal surveillance systems, AI-based seekers, see-through armours, special test equipment like gun shock simulators, and cutting-edge sensor technologies. The company has built a strong global presence with customers including NATO, US Navy SEALs, Israeli Defense Forces (IDF), and defence ministries of India and Armenia, along with major defence companies like Bharat Dynamics and L&T.

Financials of Tonbo Imaging

*All figures are in ₹ Crores.

Tonbo Imaging Valuation

Tonbo has raised over ₹500 crore ($59 million) across multiple funding rounds. Its recent Series D pre-IPO round secured ₹175 crore from Florintree Advisors, Tenacity Ventures, and the Export-Import Bank of India, valuing the company at approximately ₹1,500 crore ($175 million). Earlier investors include Artiman Ventures, Qualcomm Ventures, Celesta Capital, Edelweiss Private Equity, and HBL Engineering.
The funds raised in the latest round will accelerate the development of next-generation infrared sensors, commercial deployment of high-power microwave technologies to counter battlefield threats, and support working capital for global expansion and ongoing programmes.

Operations & Performance of Tonbo Imaging

Tonbo Imaging reported an operating revenue of ₹428 crore in FY24 and posted a profit of ₹68 crore. The company claims to have achieved a net profit exceeding ₹70 crore for the year ended March 31, 2025 (FY25), with core business revenues over ₹400 crore.
The startup’s technology is deployed in more than 30 countries, serving elite defense forces worldwide. About 40% of its revenue comes from India, while the rest is from global defence contracts across Europe, the US, Australia, Israel, and the APAC region.

Future plans of Tonbo Imaging

Tonbo’s next phase of product innovation focuses on developing jet-powered systems that are immune to electromagnetic interference and GPS jamming, alongside advancing directed energy weapon platforms.

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