Vietnam's Pharmacity chain secures growth capital from LeapFrog to quicken expansion

Pharmacity, Vietnam’s leading modern retail pharmacy chain, has raised growth capital from private equity firm LeapFrog Investments to accelerate its expansion and deepen access to quality healthcare across Vietnam.

In a release on Tuesday, LeapFrog said that Pharmacity has achieved profitability for successive quarters from Q4/2025, driven by strong unit economics and a proven store selection strategy.

The chain is on track to sustain this momentum with over 35% year-on-year topline growth in Q1/2026 despite ongoing supply chain disruptions globally. Further, same store sales growth exceeds 20% in the same period, according to the release.

In 2025, Pharmacity added 140 new stores, and remains on track to open a further 500 new stores over the next three years, significantly strengthening its national footprint. Cohorts of new stores opened in the past 24 months are already reaching EBITDA breakeven.

Speaking of the deal, Biju Mohandas, LeapFrog Investments’s partner and global lead for healthcare, said: “We have spent years building expertise in retail pharmacy for underserved consumers across growth markets. Having built and exited one of Africa’s largest pharmacy retail operations, we are excited to bring our knowledge and networks to support Pharmacity on its journey, as the company continues expanding affordable and reliable access to quality healthcare for consumers at scale, across Vietnam.”

Pharmacity CEO Deepanshu Madan stated that with LeapFrog’s support, the firm are ready to expand its reach, deepen services, develop a hub for healthcare and allied services, and raise the bar for what pharmacy retail can be in Vietnam.

Founded in 2011, Pharmacity was the first company to scale the modern pharmacy concept Vietnam. The chain has grown its network 10-fold to more than 1,100 stores today, with strong coverage across the major cities and increasingly into Tier II and III cities.

Pharmacity serves a customer base of almost 19 million people, offering access to more than 7,000 active products spanning medicines, vitamins and supplements, and health and beauty.

In addition to its core retail pharmacy business, Pharmacity is also increasingly shaping itself into an end-to-end health hub that offers health consultations, diagnostics and pharmacy benefits management, bringing preventive care and early diagnosis to its extensive base of loyalty customers.

According to LeapFrod, Vietnam represents the largest and fastest growing retail pharmacy market in Southeast Asia, driven by rising incomes, a growing middle class, and increasing consumer awareness of preventive health.

Despite this, the market remains highly fragmented with associated issues including inefficient supply chains and inconsistent quality and pricing.

LeapFrog is the pioneer of Profit with Purpose investing. Founded in 2007, the firm has backed and built high-growth companies delivering healthcare, financial services and climate solutions that operate across 37 countries/territories.