Kedaara Capital bets $200m on India’s ortho market

Mumbai-based private equity firm Kedaara Capital has made a significant investment, acquiring roughly a 51% stake in Tynor Orthotics, an Indian manufacturer of orthopaedic supports, mobility aids, and rehabilitation products. The company announced the acquisition, with the intention of expanding its healthcare and medical devices portfolio by investing approximately $200 million.

Tynor Orthotics, founded in 1993 and based in Mohali, specializes in a wide range of products, including orthopaedic supports, mobility aids, rehabilitation solutions, and sports performance aids.

The company boasts an extensive distribution network, serving over 300,000 retail outlets and 8,000 hospitals in 60 countries, with its products reaching more than 100 million people. Tynor operates three manufacturing facilities, adhering to lean manufacturing principles and maintaining globally compliant production standards. Kedaara will collaborate with Tynor's promoters, Dr. P.J. Singh and A.J. Singh, their management team, and the French orthopaedic company Thuasne, a strategic partner since 2010.

The partnership aims to expand Tynor's presence in both India and international markets, bolster its manufacturing capabilities, and develop a broader orthopaedic and wellness platform. Sunish Sharma, founder and managing partner at Kedaara Capital, expressed enthusiasm about the opportunity, stating that India's medical devices sector is among the fastest-growing globally, and Tynor represents a rare chance to partner with a category leader in orthopaedic supports and rehabilitation. O3 Capital served as the exclusive financial advisor to Tynor throughout the transaction.