TR Capital, a secondary private equity firm, 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 for Pharmacity, which has undergone a successful operational turnaround under TR Capital's stewardship and is now positioned for its next phase of institutional growth.
Founded in 2011, Pharmacity pioneered the modern pharmacy retail model in Vietnam and now operates more than 1,100 stores nationwide, serving nearly 19 million loyal customers with a portfolio of over 7,000 active products. The company has achieved EBITDA profitability in the fourth quarter of 2025, with momentum continuing into the first quarter of 2026. In Q1 2026, Pharmacity recorded over 35% year-on-year revenue growth and more than 20% same-store sales growth, adding 140 new stores in 2025.
The turnaround was led by Deepanshu Madan, Partner at TR Capital, who stepped in as CEO to drive operational improvements, strengthen governance, and sharpen execution. “Our ambition is to be the most trusted pharmacy brand in Vietnam,” Madan said. “Over the past two years, we have invested substantially in our people, systems, store standards, and customer proposition.” The company is also expanding its healthcare offerings through preventive health consultations, diagnostics, and pharmacy benefits management.
Paul Robine, Founder and CEO of TR Capital, highlighted the significance of the investment: “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. LeapFrog’s investment is an important endorsement of Pharmacity’s progress.”
LeapFrog Investments brings relevant sector experience, drawing on its track record of investing in healthcare and essential services businesses across emerging markets. The transaction underscores increasing investor interest in Vietnam’s consumer healthcare sector. For more information about TR Capital, visit https://www.tr-capital.com/. For details on Pharmacity, see https://www.pharmacity.vn/.
