TR Capital, a secondary private equity investor, announced that its portfolio company Pharmacity is raising growth capital from LeapFrog Investments, a global private equity firm focused on healthcare and financial services in emerging markets. This transaction marks a significant milestone for Pharmacity, which has undergone a successful operational turnaround under TR Capital's stewardship and is now poised for its next phase of institutional growth.
Founded in 2011, Pharmacity was among the first companies to scale the modern pharmacy retail model in Vietnam. Today, it operates over 1,100 stores across major urban centers and Tier II and Tier III cities, serving nearly 19 million loyal customers with a portfolio of more than 7,000 active products. The company's technology-enabled operations and disciplined supply chain have supported its expansion and improved customer access to quality healthcare.
The investment follows a multi-year value creation journey that saw Pharmacity achieve EBITDA profitability in the fourth quarter of 2025, with momentum continuing into the first quarter of 2026. In Q1 2026, the company reported over 35% year-on-year revenue growth and more than 20% same-store sales growth. It added 140 new stores in 2025 and plans to continue expanding its footprint. The turnaround was led by Deepanshu Madan, Partner at TR Capital, who stepped in as CEO to steer the company back to profitability by improving unit economics and store selection discipline.
Beyond retail pharmacy, Pharmacity is expanding its healthcare offering through preventive health consultations, diagnostics, and pharmacy benefits management, aiming to build a broader consumer healthcare platform. LeapFrog Investments brings relevant sector experience from its track record in healthcare and essential services in emerging markets, further validating Pharmacity's growth strategy.
Paul Robine, Founder and CEO of TR Capital, stated: “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.”
Deepanshu Madan, CEO of Pharmacity and Partner at TR Capital, added: “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.”
The transaction underscores increasing investor interest in Vietnam's consumer healthcare market and highlights the potential for scaled pharmacy platforms in emerging economies. For more information about TR Capital, visit https://www.tr-capital.com/. For more about Pharmacity, visit https://www.pharmacity.vn/.
