Kedaara Capital has emerged as the front-runner to acquire a majority stake in Tynor Orthotics, the Mohali-based manufacturer of fracture aids and body braces, three people familiar with the matter said.
“The transaction values the overall company at about ₹3,500–4,000 crore with existing investor Lighthouse Funds and the promoters set to offload a total of about 60% of their holding,” one of the people cited above said. A second person confirmed the details, adding that this will largely be a secondary transaction.
This assumes significance as fast-growing, consumer-facing healthcare companies are attracting strong investor interest, backed by rising insurance penetration, improving affordability and a widening patient base in India’s medical devices sector.
In August, Mint first reported that the company had reopened talks and appointed O3 Capital to help with the mandate after discussions with Temasek for a significant minority stake were put on hold in 2024.
Tynor’s founder Pushvinder Jit Singh said the company would not comment on the process at this stage. “At this stage, it would be inappropriate for me to give any comments on this subject,” Singh said.
Lighthouse Funds, Kedaara and O3 Capital did not respond to emails sent on Tuesday.
In 2024, Mint had exclusively reported that Singapore-based Temasek was the front-runner to acquire a significant minority stake in the company, outpacing other global private equity firms such as Warburg Pincus and Norwest Venture Partners.
The new development comes nearly eight years after Tynor raised $21 million at a post-money valuation of $103.3 million from investors including Lighthouse, Thuasne and Vihome B.V. in May 2018.
Company profile
Founded in 1993 and run by the second generation of the Singh family, Tynor has a product portfolio of more than 150 items, including body braces, supports, fracture and walking aids, traction kits, advanced knee braces, finger splints, silicone and foot care products, and cervical aids.
Tynor’s revenues rose to ₹495.5 crore in FY24 from ₹394.1 crore a year earlier. Profits increased to ₹73.4 crore from ₹50.9 crore in FY23, according to data from market intelligence provider Tracxn.
Sector tailwinds
India’s medical devices sector has seen heightened interest from private equity investors in recent years, driven by rising insurance coverage, improved affordability and an expanding patient base.
Key players in the broader medical equipment manufacturing space include IPO-bound Sahajanand Medical Technologies, Abbott, Medtronic and Meril, while domestic peers include Healthium Medtech and Translumina Therapeutics.
India’s medical devices sector is expected to grow at a compound annual growth rate of 16.4% to $50 billion over the next five years, according to Invest India. The broader med-tech industry, valued at $12 billion in FY24, has benefited from rising incomes, expanding health insurance coverage and growing medical tourism, an EY report said, adding that infrastructure development in tier-2 and tier-3 towns has opened up newer markets.
This story has been updated to include a comment from Tynor’s founder Pushvinder Jit Singh.