India's E-pharmacy segment mints its first unicorn, raises $350 million

API Holdings Pvt., one of India’s largest digital pharmacies, announced on Wednesday that it has raised $350 million from Prosus Ventures and TPG Growth LLC. The company was valued at close to $1.5 billion, according to a person familiar with the deal, adding to a rapidly growing list of unicorn startups in the country.

The firm is already raising its next round at a valuation of about $1.8 billion, the person said, wishing to remain anonymous as the fresh round is still underway.

The Mumbai-headquartered company said it will use the funds to expand its pharmacy network and add more