Tynor Orthotics Eyes Major Stake Sale Amid Industry Growth

Tynor Orthotics has resumed talks regarding a potential stake sale that could value the company between ₹3,500 and ₹4,000 crore. Both Lighthouse Funds, an investor, and the company’s promoters are seeking to sell roughly 60% of their combined holdings.

Earlier, Temasek, a Singapore-based investment firm, was in advanced negotiations to acquire a significant minority stake of about 30% in Tynor Orthotics. Lighthouse Funds, which initially invested $21 million in Tynor in 2018, is now looking to exit. With the current valuation, Tynor would be priced at almost seven times its anticipated FY26 revenue of ₹600 crore. The company, which produces and exports over 150 orthopedic and mobility aid products to more than 60 countries, is planning to establish a new manufacturing plant to further grow its mobility product line. The proposed sale has attracted the attention of private equity investors and major family offices, reflecting continued interest in India’s expanding medical devices industry. "03 Capital has been brought back on board to manage the transaction after talks with Temasek for a minority stake were paused last year," said a source close to the matter. The source further mentioned that this transaction would likely facilitate Lighthouse’s exit from its seven-year investment and provide Tynor with some primary capital for expansion. According to another individual, marketing teasers have already circulated among major private equity and family office investors, with detailed information memoranda expected in the coming weeks, as the company targets around ₹600 crore in revenue for the current fiscal year.

Investment in India’s medical devices sector has surged in recent years, propelled by increasing insurance coverage, affordability, and a growing patient population. Major players in the broader medical equipment manufacturing sector include Sahajanand Medical Technologies, which is preparing for an IPO, along with companies like Abbott, Medtronic, Meril, as well as domestic firms such as Healthium MedTech and Translumina Therapeutics. Last year, Temasek was seen as the leading contender for a significant minority stake in Tynor, surpassing competitors like Warburg Pincus and Norwest Venture Partners. This latest funding round comes nearly seven years after Tynor raised $21 million at a post-money valuation of $103.3 million from backers including Lighthouse, Thuasne, and Vihome B.V. Tynor has experienced consistent revenue growth, reaching ₹495.5 crore in FY24 from ₹394.1 crore the previous year, while net profit increased to ₹73.4 crore from ₹50.9 crore in FY23, according to Tracxn data. Founded in 1993 and now managed by the second generation of the Singh family, Tynor offers a portfolio of over 150 products that includes body braces, supports, fracture and walking aids, traction kits, advanced knee braces, finger splints, silicone and foot care items, and cervical aids.