Pharmacity Secures Growth Capital from LeapFrog Investments After Turnaround Under TR Capital

TR Capital, a leading 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. The transaction marks a significant milestone for Pharmacity, which has undergone a successful turnaround under TR Capital’s stewardship and is now positioned for its next phase of institutional growth.

Pharmacity, founded in 2011, was among the first companies to scale the modern pharmacy retail model in Vietnam. Today, it operates a nationwide network of more than 1,100 stores across major urban centers and Tier II and Tier III cities, serving nearly 19 million loyal customers with a portfolio of over 7,000 active products. The company’s operations are supported by technology-enabled systems and a disciplined supply chain platform.

The capital infusion follows a multi-year value creation journey led by TR Capital, which included Deepanshu Madan, a Partner at TR Capital, stepping in as CEO to lead the turnaround. Under his leadership, Pharmacity achieved EBITDA profitability in the fourth quarter of 2025, a momentum that continued into the first quarter of 2026. The business 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 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, 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.”

LeapFrog Investments brings relevant sector experience to Pharmacity’s next phase, drawing on its track record of investing in healthcare and essential services businesses across emerging markets. This transaction underscores 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/.

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