Bengaluru-based Tonbo Imaging is set to file draft papers by August 2025 with the Securities and Exchange Board of India for its much awaited INR 1,000 crore IPO. The company has appointed IIFL Securities and JM Financial as its book-running lead managers. This will be a big milestone in India’s defence-tech ecosystem.
Financial Strength & Market Readiness
Tonbo is entering the public markets from a position of strength. For FY25, the company clocked INR 475 Cr in revenue from its core business and INR 75 Cr in net profit. In FY24, Tonbo had reported INR 380 Cr in revenue with INR 67 Cr in net profit. Strong YoY growth in both topline and bottomline.
Backed by Deep Capital and Deep Tech
Before its IPO, Tonbo closed a Series D pre-IPO funding round raising INR 175 Cr from a mix of investors including Florintree Advisors, Tenacity Ventures and Export-Import Bank of India (EXIM Bank). The round valued the company at INR 1,500 Cr (USD 175 million) post-funding. Tonbo has raised over INR 500 Cr (~USD 59 Mn) from institutional investors like Artiman Ventures, Celesta Capital (formerly WRV Capital), Qualcomm Ventures, Edelweiss Private Equity and HBL Engineering.
Tonbo will use the new capital to develop next-gen infrared sensors, commercialize high-power microwave technologies to counter modern battlefield threats and provide working capital for global expansion.
Strategic Edge and Global Footprint
Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, Tonbo Imaging has become a global leader in strategic defence technologies. Its cutting-edge product suite includes:
- Smart thermal weapon sights
- AI-based seekers
- See-through armor systems
- Border and coastal surveillance solutions
- Special test equipment (STE) like gun shock simulators
Tonbo’s technologies are deployed in over 30 countries, with a clientele that includes the Israeli Defense Forces (IDF), US Navy SEALs, NATO, Indian Ministry of Defense, Armenian Ministry of Defense, Bharat Dynamics Limited (BDL), L&T, and Israel Aerospace Industries, among others. Notably, Tonbo was part of India’s high-profile defence operations like the original “Uri” strike and “Operation Sindoor”.
According to CEO Arvind Lakshmikumar, India accounts for about 40% of Tonbo’s revenue, while the rest comes from global contracts—so it’s a “built in India, for the world” strategy.
Tonbo Imaging IPO Timing & Market Sentiment
Lakshmikumar says the IPO is a natural next step: “We’ve been working closely with governments and have demonstrated operational success. Now is a good time to offer liquidity to our long-standing investors and double down on innovation.”
The listing is targeted for late 2025, as the defence sector is seeing a surge in investor interest with rising geopolitical tensions and government push for indigenous defence production. The Nifty India Defence Index has risen nearly 20% recently and fellow defence startup ideaForge saw its stock climb 56% in just 10 days after “Operation Sindoor”.
Building the Future of Battlefield Tech
Tonbo is investing heavily in jet-powered systems immune to GPS jamming and electromagnetic interference and directed energy weapon platforms. This will give Tonbo a technological edge not just in India but in global defence markets that are looking for autonomous, AI-driven warfare capabilities.
Final Word
Tonbo Imaging IPO is not just a fund raise, it’s a indicator of India’s defence-tech story. As it gets ready to go public, it’s a rare combination of profitability, innovation and global presence in a sector dominated by state-run and legacy companies.
For investors looking for defence technology with international footprint and proven track record, Tonbo Imaging will soon be a new option on Indian bourses. DRHP to be filed by August will give more details on the IPO structure and future growth plan.
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