New Delhi, Aug. 25 -- Kedaara Capital has agreed to acquire a controlling stake in orthopaedic support products manufacturer Tynor Orthotics Pvt Ltd, a person familiar with the matter told VCCircle.
On Tuesday, the homegrown private equity firm announced a strategic investment of $200 million (Rs 1,913 crore) in Tynor, but did not disclose the size of the stake being acquired.
According to the person cited above, the deal involves Kedaara acquiring around 76% of Tynor, valuing it at around Rs 3,000 crore.
The deal enables the exit of majority investor Lighthouse Funds, while French medical compression products maker Thuasne will continue as an investor.
Investment bank o3 Capital acted as the sole financial advisor on the transaction.
The investment comes after Tynor revived its fundraising plans last year to fund expansion and provide an exit to Lighthouse Funds. VCCircle first reported in 2023 that the company had appointed o3 Capital to run the fundraising process.
"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, R&D capabilities, strong systems and lean manufacturing foundation," said Sumit Gupta, managing director, and Nishant Naveen, principal and co-leads of healthcare and pharmaceuticals at Kedaara Capital.
"We look forward to closely working alongside the promoters, management team, and Thuasne, and leveraging Kedaara's operating expertise to help scale it into a global orthotics champion," they added.
Kedaara said it will work closely with Tynor promoters PJ Singh and AJ Singh, the company's professional management team and long-standing strategic partner Thuasne to build an orthopaedics-focussed wellness platform. The firm plans to deepen Tynor's reach across India, expand its presence in international markets, and continue investing in manufacturing.
Founded in 1993, Tynor manufactures orthopaedic supports, mobility aids, rehabilitation products and sports performance solutions. The company has a presence across over 300,000 retail outlets, 8,000 hospitals and 60 countries.
According to VCCEdge, the data and research arm of VCCircle, Tynor's revenue declined 5.1% year-on-year to Rs 466.6 crore in FY25, while net profit fell over 20% to Rs 58 crore. The company's latest financials were not immediately available.
Published by HT Digital Content Services with permission from VC Circle.