Pharmacity, one of Vietnam’s largest pharmacy retail chains and a portfolio company of TR Capital, has secured growth capital from LeapFrog Investments, a global private equity firm focused on healthcare and financial services in emerging markets.
The investment marks a significant milestone for the company following a multi-year operational turnaround led by TR Capital. Under the leadership of Deepanshu Madan, Partner at TR Capital who stepped in as CEO, Pharmacity has achieved full profitability and is now preparing for its next phase of institutional growth.
Founded in 2011, Pharmacity was among the first companies to scale Vietnam’s modern pharmacy retail model. The company now operates a nationwide network of more than 1,100 stores across major urban centers as well as Tier II and Tier III cities. Pharmacity serves nearly 19 million loyal customers and offers more than 7,000 active products supported by technology-enabled operations and a disciplined supply chain platform.
The new investment follows a period of strong operating performance. Pharmacity achieved EBITDA profitability in the fourth quarter of 2025 and maintained that momentum through the first quarter of 2026. The company also improved store-level economics and strengthened its approach to site selection, helping newer store cohorts move closer to EBITDA breakeven.
During the first quarter of 2026, Pharmacity reported more than 35% year-over-year revenue growth and more than 20% same-store sales growth. The company expanded its footprint by adding 140 new stores in 2025 and plans to continue opening locations in the years ahead.
Beyond its pharmacy retail business, Pharmacity is broadening its healthcare platform through preventive health consultations, diagnostics services, and pharmacy benefits management. The company aims to increase access to healthcare while creating a more comprehensive consumer healthcare ecosystem in Vietnam.
TR Capital said the investment from LeapFrog reflects growing investor confidence in both Pharmacity’s business model and Vietnam’s expanding consumer healthcare market. LeapFrog’s experience investing in healthcare and essential services businesses across emerging markets is expected to support the company’s continued growth and expansion.
KEY QUOTES:
“When TR Capital made its investment in Pharmacity, we saw a compelling opportunity to support the development of a modern, scaled pharmacy platform in Vietnam. Since then, we have undertaken a meaningful operational transformation, supported by stronger governance, sharper execution, and a clear focus on profitability. LeapFrog’s investment is an important endorsement of Pharmacity’s progress and positions the company well for its next phase of growth.”
Paul Robine, Founder and CEO, TR Capital
“Our ambition is to be the most trusted pharmacy brand in Vietnam. Over the past two years, we have invested substantially in our people, systems, store standards, and customer proposition. Achieving profitability in the fourth quarter of 2025 was an important milestone for the business. With LeapFrog’s support, we look forward to expanding our reach, strengthening our service offering, and continuing to improve access to high-quality healthcare across Vietnam.”
Deepanshu Madan, CEO, Pharmacity and Partner, TR Capital
