TPG-Backed Unicorn Buys Listed Indian Firm for $613 Million (1)

India’s largest online pharmacy bought a rival for 45.5 billion rupees ($613 million), marking a rare purchase of a listed company in the country by an unlisted firm valued at over $1 billion, called unicorns because they are so few.

API Holdings Pvt.’s PharmEasy acquired a 66.1% stake in Thyrocare Technologies Ltd. for 1,300 rupees a share, API said in an emailed statement Friday. That’s roughly a 10% discount to the closing price. API will make an open offer for another 26%.

The combined firm will be able to provide diagnostics and deliver medicines to more than 100 million Indians ...