Kedaara Capital acquires majority stake in Tynor Orthotics for $200 million
Kedaara Capital has acquired a majority stake in Tynor Orthotics, the Mohali-based maker of orthopaedic supports, mobility aids and rehabilitation products, for about $200 million (Rs 1,907 crore). The deal, announced through a statement issued by Kedaara, provides an exit to investor Lighthouse Funds, which had backed the company. The companies did not disclose further details of the transaction.
A person familiar with the matter told The Economic Times that the private equity firm bought a 51% stake in the company. The Times of India reported that Kedaara Capital had picked up a majority stake as part of the funding deal, though specifics were not officially confirmed.
Tynor Orthotics, founded in 1993, manufactures orthopaedic supports, mobility aids, rehabilitation and sports performance products. The company has a distribution network reaching over 300,000 retail outlets and 8,000 hospitals across 60 nations. It operates three manufacturing units in India, focusing on lean manufacturing and globally compliant production capabilities, according to the company's website.
Partnership and strategic direction
Kedaara Capital will partner with Tynor's promoters Dr PJ Singh and AJ Singh, its professional management team, and French orthopaedic company Thu benda, which has been Tynor's strategic partner since 2010. The strategy, as stated by Kedaara, will be to build an ortho-focused wellness platform and expand the brand's footprint across local and international markets.
Sunish Sharma, founder and managing partner of Kedaara Capital, said: "India's medical devices sector is among the fastest-growing in the world, and Tyno represents a rare opportunity to partner with a clear category leader in orthopaedic supports and rehabilitation."
Dr PJ Singh and AJ Singh, the founders of Tyno, expressed their aspiration for the company "to become the leader of global south and an indispensable supply chain partner for global north", which they said shall be achieved with Kedaara as a partner.
Investment background and market context
In 2018, Lighthouse Funds and Thu benda Participations invested Rs 143 crore in total in Tynora. Thu benda initially invested in Tynora in 2010 for a minority stake. The current deal underscores the growing interest in India's medical devices sector, which Kedaara sees as a strategic area for expansion. The private equity firm has built a local portfolio across consumer, healthcare, tech services, and financial services, and raised a $1.7 billion fund in 2024, among the biggest by a domestic PE firm.
Kedaara Capital has backed companies including Lenskart, Juspy and Axis Finance. The broader PE deal activity has seen recent moves such as KKR buying a minority stake in BookMyShow, as reported by The Times of India.
O3 Capital acted as the exclusive financial advisor to Tyno on the transaction, according to The Economic Times.