Kedaara Capital Investment Managers Ltd has acquired a 51% majority stake in Tynor Orthotics Pvt. Ltd for approximately $200 million (₹1,907 crore), according to The Economic Times. This significant deal provides an exit for investor Lighthouse Funds from the Mohali-based maker of orthopaedic supports, mobility aids and rehabilitation products. The deal was first reported in January when Kedaara was identified as the front-runner to acquire a majority stake in the company at a valuation of about ₹3,500-4,000 crore. However, the company did not disclose the specific stake percentage that Kedaara will acquire as part of this investment.
The private equity firm will work with Tynor's promoters, Dr. P.J. Singh and A.J. Singh, professional management team and long-standing strategic partner Thuasne to build a leading ortho-focused wellness platform. According to The Economic Times, existing investor Lighthouse Funds and the promoters were expected to sell a combined stake of about 60% in the transaction. Kedaara will leverage its investment and scaling capabilities alongside Thuasne's international expertise in orthopaedics to accelerate Tynor's development in India and internationally. Sunish Sharma, Founder and Managing Partner of Kedaara Capital, emphasized that India's medical devices sector is among the fastest-growing globally, with Tynor representing a rare opportunity to partner with a clear category leader in orthopaedic supports and rehabilitation. Dr. P.J. Singh and A.J. Singh, Promoters of Tynor, stated that "The big aspiration of Tynor to become the leader of global south and an indispensable supply chain partner for global north shall now be achieved by having Kedaara as a partner."
Tynor, founded in 1993, has established itself as one of the top brands in the country for orthopaedic supports, mobility aids, rehabilitation and sports performance enhancement solutions. The company has an extensive distribution network covering more than 300,000 retail outlets and 8,000 hospitals across 60 countries, with its products serving more than 100 million people through affordable, accessible healthcare. Tynor operates three manufacturing units in India with lean manufacturing capabilities and globally compliant production capabilities, as reported by The Economic Times. Dr. P.J. Singh and A.J. Singh, Promoters of Tynor, expressed their excitement about the partnership, stating "With an absolute pride and a heart full of joy, we welcome Kedaara Capital." They added that the partnership would support Tynor's ambition of becoming a leader in the Global South and an important supply-chain partner for the Global North.
According to The Economic Times, Tynor's promoters have expressed a 'big aspiration of Tynor to become the leader of the global south and an indispensable supply-chain partner for the global north'. The company sits at the intersection of med-tech and everyday consumer health, with plans to deepen its presence across India, expand its footprint in international markets, and continue investing in world-class, efficient manufacturing. Dr. P.J. Singh and A.J. Singh, Promoters of Tynor, stated that "The big aspiration of Tynor to become the leader of global south and an indispensable supply chain partner for Global north shall now be achieved by having Kedaara as a partner." The transaction marks the end of Lighthouse Funds' eight-year partnership with Tynor, as reported by Mint. In 2018, Lighthouse Funds and Thuasne Participations invested ₹143 crore in total in Tynor.
O3 Capital acted as the exclusive financial advisor for the transaction, as reported by The Economic Times. Kedaara Capital currently manages over $6 billion through investments in various sectors including healthcare and pharma, financial services, consumer, and technology services. The investment comes as India's medical devices sector is identified as among the fastest-growing globally, with Tynor representing a rare opportunity to partner with a clear category leader in orthopaedic supports and rehabilitation. Elizabeth Ducottet, Chairman of the Thuasne Group, noted that "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." Thuasne, an international family-owned healthcare group specialising in orthopaedics and medical compression, has been a strategic partner of Tynor since 2010.
