Tonbo Imaging holds 94.3% of India's thermal export share

Tonbo Imaging, founded in 2003, dominates India's thermal imaging exports with a 94.3% market share between FY24-FY26, exporting to 24 countries. Led by Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D'Souza, the defense-tech company is now eyeing an IPO, spotlighting India's growing homegrown defense startup ecosystem.