API Holdings, the parent company of online pharmacy PharmEasy, announced last week that it would pick up a 66.1 per cent stake in diagnostics firm Thyrocare for Rs 4,546 crore. It is the first unicorn to acquire a listed company.

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One of the most extensive consolidations in the domestic health care space, the deal was struck in record time at the Mumbai residence of A Velumani, founder of Thyrocare. The deal is also a milestone for five friends from the Mumbai suburb of Ghatkopar, who called themselves the Ghatkopar Gujju gang and set up PharmEasy in 2015.