PharmEasy, which recently acquired diagnostics company Thyrocare, has raised $300 million from existing investors. The funds will be used to continue Thyrocare's acquisition process. Once the transaction is completed, the online pharmacy plans to list the company on the Indian stock exchanges.

According to the reports, Kotak Group's private equity arm joined this round of funding along with US private equity major TPG, Singapore's Temasek, Facebook cofounder Eduardo Saverin's B Capital, Prosus (previously Naspers), and Think Investments.

Siddharth Shah, CEO of PharmEasy parent API Holdings, led the negotiations for Thyrocare acquisition. He stated that all options for the proposed listing are being considered but will not be finalised until the Thyrocare deal is officially closed. JM Financial and Kotak Investment Banking are expected to assist the company with its IPO. The same entities were the advisers for the Thyrocare deal.

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

Tiger Global, a US investment firm, has already backed the online pharmacy and is in talks to invest more money. B Capital, led by Eduardo Saverin, acquired a minority stake in API Holdings earlier this month, valuing the company at $1.8 billion. As part of the acquisition, a Velumani, Thyrocare promoter invested Rs 1,500 crore to acquire a 5 percent stake in the company, valuing the e-pharmacy at $4 billion.

PharmEasy today is India’s leading and most trusted online healthcare aggregator in the country. The company delivers medicines in 1000+ cities in India, covering 22000+ pin codes. It offers diagnostic test services across Mumbai including Thane, Navi Mumbai, Kalyan & Dombivali, Delhi with Noida, Gurgaon, Faridabad & Ghaziabad, Chennai, Pune, Ahmedabad, and Gandhi Nagar, Surat, Vadodara, Lucknow, Kolkata, Hyderabad, Bengaluru, and Jaipur.