TR Capital, a 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. This transaction marks a significant milestone in Pharmacity’s development and underscores 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 company’s turnaround, Pharmacity has delivered strong operating performance over the past two years. The company achieved EBITDA profitability in the fourth quarter of 2025, with momentum continuing into the first quarter of 2026. In Q1 2026, Pharmacity recorded more than 35% year-on-year revenue growth and over 20% same-store sales growth. The business added 140 new stores in 2025 and plans to continue expanding its footprint, with a network now exceeding 1,100 stores across major urban centers and Tier II and III cities.
Founded in 2011, Pharmacity was among the first companies to scale the modern pharmacy retail model in Vietnam. Today, it serves nearly 19 million loyal customers and offers over 7,000 active products, supported by technology-enabled operations and a disciplined supply chain platform. Beyond retail, Pharmacity is expanding into preventive health consultations, diagnostics, and pharmacy benefits management, aiming to build a broader consumer healthcare platform.
Paul Robine, Founder and CEO of TR Capital, commented: “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, drawing on its track record of investing in healthcare and essential services across emerging markets. The transaction also highlights the increasing relevance of Vietnam’s consumer healthcare market within the broader Southeast Asian private equity landscape.
For more information about TR Capital, visit https://www.tr-capital.com/. For more information about Pharmacity, visit https://www.pharmacity.vn/.
