Tonbo Imaging Gears Up for Expansion with New Funding

Tonbo Imaging has secured ₹175 crore in a Series D funding round, led by Florintree Advisors and EXIM Bank. This pre-IPO round values the company at ₹1,500 crore. The funds will support its growth trajectory and lay the groundwork for an upcoming initial public offering.

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, Tonbo Imaging is built on cutting-edge vision technology. The founders collectively own 20% of the company.

Inspired by the dragonfly’s unmatched visual capabilities, Tonbo integrates advanced imaging into modern defense and surveillance systems. “Dragonflies are nature’s ultimate aerial predators, possessing an extraordinary combination of vision, agility, and endurance that makes them a powerful inspiration for advanced imaging and flight technology,” said Lakshmikumar.

He highlighted their sophisticated visual system—360° panoramic vision, 30,000 photoreceptors, and the ability to process motion at 200 frames per second. This level of perception makes them an ideal model for next-generation imaging and combat technology. The company’s name, Tonbo, means dragonfly in Japanese.

Technology and Financial Growth

Tonbo Imaging is a leading supplier of vision equipment for global security and defense. Its key clients include India’s DRDO and the Indian Air Force. The company offers helmet-mounted night vision goggles, thermal weapon sights, and aerial reconnaissance solutions.

It designs advanced sensing and processing systems that enhance situational awareness, targeting precision, and autonomous battlefield operations. Its technology is based on biomimetic imaging and control systems.

Tonbo’s systems are deployed in over 30 countries, serving the Israeli Defence Forces (IDF), US Navy SEALs, NATO, and the Armenian Ministry of Defense.

Its innovations have modernized India’s Arjun Main Battle Tank and contributed to Bharat Dynamics’ Anti-Tank Guided Missile (ATGM) program. The product suite also includes see-through armors, AI-based seekers, and surveillance systems for border and coastal security.

Tonbo Imaging has previously raised over ₹300 crore from investors, including Artiman, Qualcomm, Celesta, Edelweiss, and HBL Engineering. For years, annual revenues remained below ₹100 crore, but the company has seen rapid business acceleration since 2023.

In FY23, it secured orders worth over ₹800 crore, pushing FY24 revenue past ₹425 crore. Projections for FY25 indicate 30% revenue growth with strong profitability. Nearly half of Tonbo’s revenue comes from global customers, reducing dependence on the Indian market.

Investor Perspective

Mathew Cyriac, founder of Florintree Capital, stated that Tonbo’s expertise in imaging, AI, and autonomous systems positions it to tackle global security challenges. “We are excited to scale the business and build a global defense tech company out of India,” he said.

The size of Florintree’s stake in exchange for the investment remains undisclosed. The firm has a strong track record in India’s defense and technology sectors, previously exiting Data Patterns (India) Ltd with a 21x return in under three years.

It has also backed and listed companies like MTAR Technologies, Data Patterns, and Ideaforge Technology. Recently, Florintree offloaded a portion of its Ideaforge stake for ₹69.62 crore. It also holds a significant stake in Videonetics, a video computing platform.

India’s Defense Tech Sector

Tonbo’s funding comes amid growing investment in India’s defense technology sector. Defence Minister Rajnath Singh has urged entrepreneurs and startups to drive innovation in this space.

India’s defense production hit ₹1.27 lakh crore in FY24, up from ₹46,429 crore in FY15. Several defense tech startups are emerging, leveraging AI and unmanned systems. Government initiatives, including Karnataka’s partnership with DRDO, are fueling this growth.

Former Defence Secretary Ajay Kumar has launched the MountTech Growth Fund to support early-stage startups, while former TDB Director Navneet Kaushik has introduced an angel fund for defense tech ventures.