API Holdings Pvt., owner of India’s largest online pharmacy PharmEasy, is considering a Mumbai initial public offering that could raise as much as US$1 billion ($1.36 billion), according to people familiar with the matter.

The company, backed by TPG and Temasek Holdings Pte, is working with advisers on a potential offering that could take place by March 2022, the people said. The firm plans to file a draft prospectus before the end of October, said one of the people, who asked not to be identified as the information is private.

PharmEasy has so far delivered more than 15 million orders from medicine to diagnostic kits to health care products, serving over 5 million families, according to its website. Its delivery service covers more than 1,000 Indian cities. The company in June bought a majority stake in Thyrocare Technologies Ltd. for 45.5 billion rupees ($830.45 million).

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