When India launched Operation Sindoor in May 2025, the military response to the Pahalgam terror attack brought renewed attention to the country's indigenous defence capabilities. Among the technologies deployed during the operation were thermal imaging and target-tracking systems developed by Bengaluru-based Tonbo Imaging, a company founded by Arvind Lakshmikumar.
As Tonbo Imaging India Limited moves towards its initial public offering (IPO), its journey offers a glimpse into how expertise in imaging, robotics and computer vision evolved into a defence technology business serving Indian military agencies and overseas customers.
The defence technology company aims to raise Rs 852.18 crore through the public issue. The valuation of Tonbo Imaging India Limited is approximately Rs 4,010 crore at the upper end of its initial public offering (IPO) price band.
Lakshmikumar's entrepreneurial journey began with an opportunity to take over an existing technology business. Before founding Tonbo Imaging, he led technology and operations in India for Sarnoff Corporation, a US-based research and technology company.
When Sarnoff decided to exit the Indian market in 2008, Lakshmikumar executed a management buyout, giving him access to an existing team and technological capabilities that could form the foundation of a new venture.