TR Capital, a leading secondary private equity investor, announced today 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. The transaction marks an important milestone in Pharmacity’s development and reflects continued investor interest in Vietnam’s consumer healthcare sector.
Under the leadership of Deepanshu Madan, Partner at TR Capital, who stepped in as CEO to lead the turnaround, Pharmacity has delivered strong operating performance over the past two years, positioning the business for its next stage of growth. Founded in 2011, Pharmacity was among the first companies to scale the modern pharmacy retail model in Vietnam. Today, it is one of the country’s largest pharmacy chains, with a nationwide network of more than 1,100 stores across major urban centres as well as Tier II and Tier III cities. The company serves nearly 19 million loyal customers and offers a portfolio of more than 7,000 active products, supported by technology-enabled operations and a disciplined supply chain platform.
The transaction follows a multi-year value creation journey under TR Capital’s stewardship and a sustained improvement in operating performance. Pharmacity achieved EBITDA profitability in the fourth quarter of 2025, and that momentum continued into the first quarter of 2026. The business has also improved unit economics and store selection discipline, with more recent store cohorts progressing toward EBITDA breakeven. In the first quarter of 2026, Pharmacity recorded more than 35% year-on-year revenue growth and more than 20% same-store sales growth. The company added 140 new stores in 2025 and plans to continue expanding its footprint over the coming years.
In addition to its retail pharmacy operations, Pharmacity is expanding its healthcare offering through preventive health consultations, diagnostics, and pharmacy benefits management, with the objective of building a broader consumer healthcare platform. Paul Robine, Founder and CEO of TR Capital, said: “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, said: “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.” LeapFrog Investments brings relevant sector experience to Pharmacity’s next phase of development, drawing on its track record of investing in healthcare and essential services businesses across emerging markets. The transaction also underscores the increasing relevance of Vietnam’s consumer healthcare market within the broader Southeast Asian private equity landscape.
For more information on TR Capital, visit https://www.tr-capital.com/. For more information on Pharmacity, visit https://www.pharmacity.vn/.
