PharmEasy has received $300 million from its existing investors after acquiring diagnostic firm Thyrocare. The funds will be utilized to continue Thyrocare's acquisition process. After the transaction is completed, the online pharmacy plans to list the company on Indian stock exchanges.

As part of the deal, a Velumani, Thyrocare promoter invested Rs.1,500 crore to acquire a five percent share in the company, valuing the e-pharmacy at $4 billion.

The company is likely to engage with JM Financial and Kotak Investment Banking on the IPO. The advisers for the Thyrocare purchase were the same people.

PharmEasy, which was founded in 2015 by Shah, Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia, is now valued at $4 billion.

Tiger Global, a US investment firm, has already supported the online pharmacy and is in talks to contribute further money. B Capital, led by Eduardo Saverin, acquired a minority position in API Holdings earlier this month, valuing it at $1.8 billion.

Siddharth Shah, CEO of PharmEasy parent API Holdings, managed the Thyrocare takeover discussions. He stated that all possibilities for the planned listing are being studied, but that the decision would be made only when the Thyrocare acquisition is finalized.

PharmEasy has previously purchased Medlife, a competitor, for an undisclosed sum. As a result of this partnership, PharmEasy's position as India's largest medicine delivery platform has risen considerably.

As part of the agreement, Pharmeasy will take over Medlife's customers. To set up their new accounts, current Medlife users may need to log in to the PharmEasy app with the same mobile number they had on the prior platform. This will bring up all scanned prescriptions and saved addresses for the previous year on the new website.

One of the only segments of the country's e-commerce economy that flourished during the pandemic's second wave was online pharmacy. According to data from e-commerce services platform Unicommerce, pharmaceutical shipment volumes grew by 18 percent in April compared to the previous month. E-commerce shipments fell by 11 percent over the same time period.

Order volumes more than doubled in 2020, according to insiders, while the number of people utilizing internet pharmacies tripled. According to industry research firm RedSeer Consulting, nine million families utilized internet pharmacies last year.

"In 2015, we set out with the primary purpose of making inexpensive healthcare available to everyone," Dr. Dhaval Shah, Co-Founder of the Mumbai-based business PharmEasy, wrote in a LinkedIn post. PharmEasy now supports every pin code in the country. As a result of this, we wish to reach out to the people of India and address their healthcare needs.”

He went on to claim that as a result of the purchase, the firm will be able to serve over two million families per month, making it by far the country's largest healthcare delivery network.