MUMBAI : Tynor Orthotics, the Mohali-based manufacturer of fracture aids and body braces, has reopened stake sale talks that could value the company at ₹3,500–4,000 crore, with investor Lighthouse Funds and the promoters set to offload a total of about 60% of their holding, two people familiar with the matter said.

At this proposed valuation, Tynor would be valued at about seven times its projected FY26 revenue of ₹600 crore.

The company, which manufactures and exports more than 150 orthopaedic and mobility aids to over 60 countries, now plans to set up a new manufacturing facility to expand its mobility portfolio.

The process has attracted private equity funds and large family offices, highlighting continued investor appetite for India’s fast-growing medical devices sector.

“It has reappointed O3 Capital to help with the mandate after the talks with Temasek for a significant minority stake were put on hold last year,” one of the people cited above said on the condition of anonymity.

The person said the transaction will likely enable Lighthouse to exit its seven-year-old bet in the company alongside a small primary component that Tynor will use to fund its expansion plans.

“The teasers have already gone out and top private equity funds and large family offices have been approached. The information memorandums will be sent over the next 15 days,” another person said, adding that the company is tracking about ₹600 crore in revenue in the current fiscal year.

Lighthouse and Temasek declined to comment, while O3 and Tynor’s founder Dr. Pushvinder Jit Singh did not immediately respond to Mint’s requests for a comment on Friday evening.

India's medical devices sector has seen heightened interest from private equity players in recent years, driven by factors such as rising insurance coverage, affordability, and an expanding patient base. Key players in broader medical equipment manufacturing space include the IPO-bound Sahajanand Medical Technologies and Abbott, Medtronic, and Meril. Domestic players in the space include Healthium Medtech and Translumina Therapeutics.

Last year, Mint had exclusively reported that Singapore-based Temasek was the frontrunner to acquire a significant minority stake in the company, outpacing other global PE firms such as Warburg Pincus and Norwest Venture Partners.

The new funding round comes nearly seven 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.

Tynor has seen its revenues steadily increase to ₹495.5 crore in FY24 from ₹394.1 crore a year earlier. Its profits rose to ₹73.4 crore from ₹50.9 crore in FY23, data from market intelligence provider Tracxn shows.

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, and cervical aids.  

Med-tech momentum

India's medical devices sector is expected to grow at a compound annual growth rate (CAGR) of 16.4% to $50 billion over the next five years, according to an estimate by Invest India. The sector is poised for further growth, driven by innovation and government-led incentives.

The broader med-tech industry, valued at $12 billion in FY24, has also benefited from rising income levels, expanding healthcare insurance coverage, and growing medical tourism, an EY report said, adding that infrastructure development in tier-2 and -3 towns has opened newer markets.

MUMBAI : Tynor Orthotics, the Mohali-based manufacturer of fracture aids and body braces, has reopened stake sale talks that could value the company at ₹3,500–4,000 crore, with investor Lighthouse Funds and the promoters set to offload a total of about 60% of their holding, two people familiar with the matter said.

At this proposed valuation, Tynor would be valued at about seven times its projected FY26 revenue of ₹600 crore.

The company, which manufactures and exports more than 150 orthopaedic and mobility aids to over 60 countries, now plans to set up a new manufacturing facility to expand its mobility portfolio.

The process has attracted private equity funds and large family offices, highlighting continued investor appetite for India’s fast-growing medical devices sector.

“It has reappointed O3 Capital to help with the mandate after the talks with Temasek for a significant minority stake were put on hold last year,” one of the people cited above said on the condition of anonymity.

The person said the transaction will likely enable Lighthouse to exit its seven-year-old bet in the company alongside a small primary component that Tynor will use to fund its expansion plans.

“The teasers have already gone out and top private equity funds and large family offices have been approached. The information memorandums will be sent over the next 15 days,” another person said, adding that the company is tracking about ₹600 crore in revenue in the current fiscal year.

Lighthouse and Temasek declined to comment, while O3 and Tynor’s founder Dr. Pushvinder Jit Singh did not immediately respond to Mint’s requests for a comment on Friday evening.

India's medical devices sector has seen heightened interest from private equity players in recent years, driven by factors such as rising insurance coverage, affordability, and an expanding patient base. Key players in broader medical equipment manufacturing space include the IPO-bound Sahajanand Medical Technologies and Abbott, Medtronic, and Meril. Domestic players in the space include Healthium Medtech and Translumina Therapeutics.

Last year, Mint had exclusively reported that Singapore-based Temasek was the frontrunner to acquire a significant minority stake in the company, outpacing other global PE firms such as Warburg Pincus and Norwest Venture Partners.

The new funding round comes nearly seven 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.

Tynor has seen its revenues steadily increase to ₹495.5 crore in FY24 from ₹394.1 crore a year earlier. Its profits rose to ₹73.4 crore from ₹50.9 crore in FY23, data from market intelligence provider Tracxn shows.

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, and cervical aids.  

Med-tech momentum

India's medical devices sector is expected to grow at a compound annual growth rate (CAGR) of 16.4% to $50 billion over the next five years, according to an estimate by Invest India. The sector is poised for further growth, driven by innovation and government-led incentives.

The broader med-tech industry, valued at $12 billion in FY24, has also benefited from rising income levels, expanding healthcare insurance coverage, and growing medical tourism, an EY report said, adding that infrastructure development in tier-2 and -3 towns has opened newer markets.