Tynor Orthotics raises Rs 143 crore in funding led by Lighthouse Funds
Tynor plans to invest Rs 100 crore over the next three years and is aiming at a turnover of $100 million in the next five years.
Orthopedic products manufacturer Tynor Orthotics Private Limited has raised Rs 143 crore in a round led by Lighthouse Funds and Thuasne Participation, France.
The Mohali-headquartered company said it will use the funds to accelerate its growth plans. Tynor manufactures and sells over 140 orthopedic aids such as body braces, supports, and fracture and walking aids. Commenting on the capital raise, P. J. Singh, founder of Tynor, said, "The current capital raise is in line with our vision 3.0, to catapult the company to the next level of growth. Thuasne has been a great supporter over the years, and we are glad to see their increased confidence in us. We have known Lighthouse for five years, and are extremely excited to convert this relationship into a professional association.”
Tynor has a nationwide distribution network of over 500 dealers, and exports its products to over 40 countries. With the latest infusion of funds, Tynor says it plans to achieve a turnover of $100 million in the next five years. This will also include an expansion in the next three years with an expected investment of Rs 100 crore.
Tynor entered into an alliance with medical textile and orthotic soft goods player Thuasne of France in 2010, with the latter picking up a minority stake.
Other private equity investments in the Indian medical devices sector include those in companies such as Trivitron, Sutures India and Perfint Healthcare. According to reports, India’s medical devices industry is growing at about 15 percent annually.
India is among the top 20 markets for medical devices manufacturing globally, and ranks fourth in Asia. The medical devices market in India is highly fragmented, and dominated by multinational corporations.
Lighthouse Funds' maiden investment into Tynor is part of its commitment in the India growth story. The US-based mid-market focussed private equity fund was set up in 2001 by Mukund Krishnaswamy and W Sean Sovak to invest in Indian ventures. Lighthouse has already raised two dedicated funds for India - the first one in 2008 which had a corpus of $100 million, and another in 2014 which raised $135 million.