Kedaara Capital Leads Race to Acquire Tynor Orthotics: Everything We Know

Private equity firm Kedaara Capital has emerged as the leading contender to buy a majority stake in Tynor Orthotics, a Punjab-based company that makes fracture supports, braces and other orthopaedic aids, Mint reported, citing people familiar with the matter.

The proposed deal could value Tynor Orthotics at around ₹3,500–4,000 crore. As part of the transaction, existing investor Lighthouse Funds and the company’s promoters are expected to sell nearly 60% of their combined stake, the report said.

Tynor had restarted the stake sale process in mid-2025 after previous talks with Singapore-based investment firm Temasek did not move forward, according to an earlier Mint report. Temasek had earlier explored buying a significant minority stake in the company in 2024, but discussions were put on hold. After that, Tynor appointed O3 Capital to manage the renewed sale process, the report added.

The potential acquisition highlights the growing investor interest in consumer-focused healthcare companies in India. Rising health insurance coverage, better affordability of medical products and a growing patient base have made medical devices an attractive segment for private equity investors.

Investor interest in India’s healthcare and medical devices space has picked up sharply over the past few years, with several large deals and consolidation moves. In 2024, KKR won a competitive bidding process to acquire healthcare products maker Healthium from Apax Partners. Around the same time, Warburg Pincus invested more than $300 million in Appasamy Associates, a manufacturer of ophthalmic equipment.

Large hospital chains have also attracted major global investors. Notbaly, Temasek-backed Manipal Hospitals acquired a majority stake in Sahyadri Hospitals from the Ontario Teachers’ Pension Plan, valuing the Pune-based chain at about $750–760 million. Temasek also bought roughly 20% of Cloudnine Hospitals in Bengaluru for around $125 million in 2024.

Other notable investments include Morgan Stanley Private Equity Asia’s ₹1,000 crore investment in injectables maker Maiva Pharma and the Abu Dhabi Investment Authority’s $200 million investment in Micro Life Sciences. Deals by Samara Capital in stent maker SMT and Everstone Capital in Translumina further underline the trend.

India’s medical devices sector is expected to grow at a 16.4% annual rate to reach $50 billion over the next five years, according to Invest India. An EY report said the broader med-tech industry, valued at $12 billion in financial year 2023-24 (FY24), is benefiting from higher incomes, expanding insurance coverage, rising medical tourism and improving healthcare infrastructure in smaller cities.