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The company has raised the funding from Florintee Advisors and EXIM Bank at a valuation of INR 1,500 Cr
Founded by Lakshmikumar, Ankit Kumar and Cecilia D’Souza in 2012, Tonbo Imaging builds and deploys solutions for military reconnaissance, infrastructure security and transportation safety
The company claims to supply its products to the Defence Research and Development Organisation (DRDO) and the Indian Air Force
Defence tech startup Tonbo Imaging has raised INR 175 Cr (around $20.4 Mn) in a Series D pre-IPO funding round from Florintee Advisors and EXIM Bank at a valuation of INR 1,500 Cr.
Tonbo will utilise the freshly raised funds to develop next-generation infrared sensors, commercial deployment of microwave technologies, and expand its global footprint, the company said in a statement.
“This investment enables us to push the boundaries of innovation in infrared imaging and directed energy solutions while scaling our global footprint. Our focus remains on delivering cost-effective, cutting-edge battlefield intelligence and protection systems to modern defense forces worldwide,” said Tonbo cofounder Arvind Lakshmikumar.
Founded by Lakshmikumar, Ankit Kumar and Cecilia D’Souza in 2012, Tonbo Imaging builds and deploys solutions for military reconnaissance, infrastructure security and transportation safety. Its product suite includes see through armors, AI-based seekers, smart thermal weapon sights, border and coastal surveillance system and more.
The company claims to supply its products to the Defence Research and Development Organisation (DRDO) and the Indian Air Force. It counts Qualcomm Ventures and Celesta Capital among its investors.
In 2017, Tonbo Imaging raised $17 Mn in a Series B funding round at a valuation of INR 400 Cr. Back then, the round was led by WRV Capital, along with participation from Qualcomm Ventures and Edelweiss Private Equity.
The fundraise comes at the back of Florintree recently offloading more than 20.18 Lakh shares (4.7% stake) of listed deeptech startup ideaForge for INR 69.62 Cr.
India’s Defence Tech Space
In 2024, defence minister Rajnath Singh urged Indian entrepreneurs and startups to bring innovative ideas and disrupt India’s defence tech space. In FY24, India’s defence production reached INR 1.27 Lakh Cr mark, surging 174% from INR 46,429 Cr in FY15.
With the increasing market opportunity, several notable startups, including Garuda Aerospace, ideaForge, Jeh Aerospace, among others, have penetrated the Indian defence market by leveraging technologies including AI, unmanned systems, and advanced surveillance.
Last year, former defence secretary Ajay Kumar also floated an INR 250 Cr MountTech Growth Fund to back early stage startups in the defence, aerospace and deeptech sectors.
Similarly, former director at Technology Development Board (TDB) Navneet Kaushik also rolled out an angel fund to back early-stage defence tech startups.
Besides, the government is also supporting Indian defence tech startups with collaborations and funds. For instance, the Karnataka state government recently partnered with DRDO to aid defence startups by providing them access to DRDO’s testing facilities.
