TR Capital, a secondary private equity investor, announced today that its portfolio company Pharmacity, Vietnam's largest modern retail pharmacy chain, is raising growth capital from LeapFrog Investments, a global private equity firm focused on healthcare and financial services in emerging markets. The transaction marks a significant milestone for Pharmacity, which has undergone a successful operational turnaround under TR Capital's stewardship and is now entering its next phase of institutional growth.
Founded in 2011, Pharmacity was among the first 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 been key to its growth.
Under the leadership of Deepanshu Madan, Partner at TR Capital who stepped in as CEO to lead the turnaround, Pharmacity achieved EBITDA profitability in the fourth quarter of 2025, with momentum continuing into the first quarter of 2026. The business has improved unit economics and store selection discipline, with recent store cohorts progressing toward EBITDA breakeven. In the first quarter of 2026, Pharmacity recorded over 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.
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.
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 from its track record of investing in healthcare and essential services businesses across emerging markets. The transaction underscores the increasing relevance of Vietnam’s consumer healthcare market within the broader Southeast Asian private equity landscape.
For more information, visit TR Capital or Pharmacity.
