Kedaara Capital leads race to buy majority stake in Tynor Orthotics at up to ₹4,000 crore valuation

What happened: Private equity firm Kedaara Capital has emerged as the front-runner to acquire a majority stake in Tynor Orthotics, according to people aware of the talks.

Why it matters now: The deal could mark one of the largest PE transactions in India’s medical devices space this year.

What changes for people: A new controlling investor is expected to accelerate Tynor’s expansion, product innovation and global reach.

Who is affected: Existing investor Lighthouse Funds, company promoters, employees, distributors and India’s fast-growing orthotics market.

Mumbai: Kedaara Capital is in advanced discussions to acquire a majority stake of around 60% in Tynor Orthotics, valuing the Mohali-based medical devices company at ₹3,500–4,000 crore, people familiar with the transaction said.

If completed, the deal would enable Lighthouse Funds to make a near-complete exit while allowing Tynor’s promoters to partially monetise their holdings, signalling a transition into the company’s next growth phase.

Deal structure and valuation

According to multiple sources with direct knowledge of the matter, the proposed transaction is expected to be largely secondary, meaning most shares will be bought from existing shareholders rather than through fresh equity issuance.

Bold valuation numbers reflect strong investor appetite for companies operating at the intersection of healthcare manufacturing, branded consumer products and export-led growth. Discussions are ongoing and the final structure could still change, the people cautioned.

Neither Kedaara Capital nor Tynor Orthotics has issued an official statement so far.

Why Tynor is attracting PE interest

Founded in Mohali, Punjab, Tynor Orthotics is among India’s most recognisable brands in fracture aids, body braces and orthopaedic supports, with a deep distribution network across domestic and international markets.

Industry experts say the company benefits from strong brand recall among doctors and consumers, consistent cash flows and rising demand driven by ageing populations, sports injuries and lifestyle-related orthopaedic conditions.

A healthcare-focused investment banker said established med-tech brands like Tynor offer lower regulatory risk and faster scalability compared to early-stage device startups.

What this means for the healthcare market

The potential acquisition underlines a broader shift among private equity firms toward India’s healthcare manufacturing ecosystem, especially businesses with pricing power and export potential.

For the sector, a Kedaara-led deal could translate into greater investment in R&D, automation and overseas expansion, strengthening India’s position as a global orthopaedics supply hub.

From a governance standpoint, a new majority owner typically brings stronger institutional oversight, professionalised management practices and sharper capital allocation discipline.

Lighthouse Funds’ exit strategy

Lighthouse Funds, which backed Tynor several years ago, appears poised to conclude a successful investment cycle through this transaction. Secondary exits of this scale are increasingly common as late-stage Indian healthcare assets mature.

Market participants say the outcome could influence valuation benchmarks for similar medical device companies currently exploring strategic or financial partnerships.