Kedaara Capital invests $200 million in Tynor Orthotics

Kedaara Capital Investment Managers Ltd has invested about $200 million in Tynor Orthotics Pvt. Ltd, which makes orthopaedic supports, mobility aids and rehabilitation solutions, the companies said in a statement on Tuesday.

Mint first reported in January that Kedaara was the front-runner to acquire a majority stake in the Mohali-based company at a valuation of about ₹3,500-4,000 crore. Existing investor Lighthouse Funds and the promoters were expected to sell a combined stake of about 60%.

“India's medical devices sector is among the fastest-growing in the world, and Tynor represents a rare opportunity to partner with a clear category leader in orthopaedic supports and rehabilitation,” said Sunish Sharma, founder and managing partner, Kedaara Capital.

“We are excited to partner with the exceptional team of Tynor and see significant headroom to further build on its strong doctor equity, deep distribution, research and development capabilities, strong systems and lean manufacturing foundation,” added Sumit Gupta, managing director, and Nishant Naveen, principal, co-leads healthcare and pharma, Kedaara Capital.

The private equity firm will work with Tynor’s promoters, P.J. Singh and A.J. Singh, management team and long-standing strategic partner Thuasne to build a leading ortho-focused wellness platform.

Leading player

Tynor, which sits at the intersection of med-tech and everyday consumer health, will deepen its presence across India, expanding its footprint in international markets, and continue to invest in world-class, efficient manufacturing, as it enters its next phase of growth.

There is a “big aspiration of Tynor to become the leader of the global south and an indispensable supply chain partner for the global north”, Tynor’s promoters said in a statement.

Founded in 1993, Tynor has grown into one of the top brands in the country for orthopaedic supports, mobility aids, rehabilitation and sports performance enhancement solutions with an extensive reach spanning over 300,000 retail outlets and 8,000 hospitals across 60 countries.

Its products have served more than 100 million people through affordable, accessible healthcare. It also operates three facilities across 650,000 square feet with lean manufacturing capabilities to deliver global-grade products at competitive prices.

“Our partnership with Tynor began more than fifteen years ago, driven by a shared belief in the potential of the Indian market and a common ambition to make high-quality orthopaedic solutions accessible to more patients,” said Elizabeth Ducottet, chairman of the Thuasne Group.

“By bringing together Tynor's entrepreneurial and industrial strengths, Kedaara's investment and scaling capabilities, and Thuasne's international expertise in orthopaedics, we have a strong foundation to accelerate Tynor's development in India and internationally,” added Delphine Hanton, chief executive of the Thuasne Group.

o3 Capital acted as the exclusive financial advisor for the transaction.