In August, Kedaara Capital announced a USD 200 million strategic investment in Tynor Orthotics, the Mohali-based maker of orthopaedic supports, mobility aids and rehabilitation products. Neither side disclosed a valuation, but reports put Kedaara’s stake at about 51%, which would value the company at roughly USD 390 million. That fits the ₹3,500–4,000 crore range reported while the sale was being run, which was about seven times Tynor’s projected FY26 revenue of ₹600 crore.
The multiple reflects more than the products themselves. Tynor reported revenue of ₹495.5 crore and a profit of ₹73.4 crore in FY24, up from ₹394.1 crore and ₹50.9 crore the year before. It says it reaches over 300,000 retail outlets and 8,000 hospitals in 60 countries, and runs three plants totalling about 650,000 sq ft. French orthopaedic group Thuasne, a partner since 2010, remains involved, and the promoters have said they want Tynor to become the leader of the Global South.
For O&P, foot health and rehabilitation manufacturers, the deal shows that investors will now pay premium prices for scale in Indian orthotics: brands, distribution and manufacturing that can be repeated. That is a different business from custom, clinician-led fitting, and it changes who the competition is.
Deliberate perspective
- Distribution is what’s being valued. A network of 300,000 outlets and 8,000 hospitals is hard to replicate. Entrants without a comparable channel need a partner who already has one, not a parallel network built from scratch.
- Off-the-shelf bracing is now a branded category. With PE backing behind the market leader and venture money moving into newer brands, imported and unbranded mid-range supports will face harder competition on price, availability and brand recognition.
- India is becoming an export base, not just a market. Tynor’s Global South ambition and manufacturing scale mean Indian-made supports will compete more directly in the Middle East, Africa and Southeast Asia. Manufacturers active in those regions should plan for it.
- Clinical positioning protects margin. Custom orthoses, prosthetics and complex foot health devices still depend on assessment and fitting. Manufacturers who invest in CPO relationships and clinical evidence keep a defensible position as mass-market volume consolidates.
India’s orthotics market is being valued like a consumer health business, and manufacturers who want to compete there, or against Indian brands abroad, need to plan their channel and positioning accordingly.
Read the full story on Bharat CPO.