TR Capital Portfolio Firm Pharmacity Raises Reveal Capital from LeapFrog Investments
HO CHI MINH CITY, VIETNAM, Can even 28, 2026 – (ACN Newswire) – TR Capital, a leading secondary internal most equity investor, on the novel time announced that its portfolio firm, Pharmacity, is raising development capital from LeapFrog Investments, a world internal most equity firm targeted on healthcare and monetary services in rising markets. The transaction marks a extremely important milestone in Pharmacity’s building and reflects persevered investor interest in Vietnam’s person healthcare sector. Under the leadership of Deepanshu Madan, Companion at TR Capital, who stepped in as CEO to lead the turnaround of the firm, Pharmacity has delivered strong working performance all over the last two years, positioning the alternate for its subsequent stage of development.
Based in 2011, Pharmacity change into as soon as among the many first firms to scale the stylish pharmacy retail model in Vietnam. These days, it is one in every of the country’s largest pharmacy chains, with a nationwide community of bigger than 1,100 stores correct by fundamental city centres as effectively as Tier II and Tier III cities. The firm serves virtually 19 million right potentialities and provides a portfolio of bigger than 7,000 vigorous products, supported by technology-enabled operations and a disciplined provide chain platform.
Operational Turnaround and Reveal Momentum
The transaction follows a multi-twelve months payment creation race below the stewardship of TR Capital and a sustained development in working performance. Pharmacity performed EBITDA profitability in the fourth quarter of 2025, and that momentum persevered into the first quarter of 2026. The alternate has also improved unit economics and store different self-discipline, with extra most recent store cohorts progressing towards EBITDA breakeven.
Within the first quarter of 2026, Pharmacity recorded bigger than 35% twelve months-on-twelve months earnings development and bigger than 20% same-store sales development. The firm added 140 recent stores in 2025 and plans to continue increasing its footprint over the arriving years.
As well to its retail pharmacy operations, Pharmacity is increasing its healthcare offering by preventive health consultations, diagnostics, and pharmacy advantages management, with the aim of making a broader person healthcare platform.
Paul Robine, Founder and CEO of TR Capital, acknowledged: “When TR Capital made its investment in Pharmacity, we noticed a compelling opportunity to bolster the advance of a most up-to-date, scaled pharmacy platform in Vietnam. Since then, we now comprise undertaken a important operational transformation, supported by stronger governance, sharper execution, and a clear concentrate on profitability. LeapFrog’s investment is a extremely important endorsement of Pharmacity’s progress and positions the firm effectively for its subsequent fragment of development.”
Deepanshu Madan, CEO of Pharmacity and Companion at TR Capital, acknowledged: “Our ambition is to be the most depended on pharmacy set in Vietnam. Over the previous two years, we now comprise invested substantially in our of us, methods, store requirements, and customer proposition. Reaching profitability in the fourth quarter of 2025 change into as soon as a extremely important milestone for the alternate. With LeapFrog’s strengthen, we uncover out about forward to increasing our reach, strengthening our carrier offering, and continuing to enhance access to excessive-quality healthcare correct by Vietnam.”
LeapFrog Investments brings related sector journey to Pharmacity’s subsequent fragment of creating, drawing on its observe file of investing in healthcare and important services agencies correct by rising markets.
The transaction also underscores the increasing relevance of Vietnam’s person healthcare market within the broader Southeast Asian internal most equity panorama.
About TR Capital
TR Capital is a secondary internal most equity investor, offering bespoke liquidity solutions by single-asset and portfolio transactions. The firm invests in agencies correct by the technology, subsequent-generation person, and healthcare sectors in Asia and the US.
Since its inception in 2007, TR Capital has closed five flagship funds, with complete capital commitments of roughly US$1.5 billion, and has performed shut to 60 secondary investments. The firm’s investor imperfect entails sovereign wealth funds, pension funds, asset managers, entrepreneurs, and family offices globally. TR Capital integrates environmental, social, and governance concerns for the length of the investment lifecycle below its To blame Funding Policy.
For added recordsdata hunch to https://www.tr-capital.com/.
About Pharmacity
Pharmacity is a pharmacy retail chain in Vietnam targeted on making improvements to access to quality healthcare products and pharmaceutical services nationwide. With bigger than 1,100 pharmacies and virtually 19 million loyalty potentialities, the firm combines scale with standardized pharmacy practices, technology-enabled provide chain management, and treatment storage protocols.
For added recordsdata, hunch to https://www.pharmacity.vn/.
Contact facts:
ir@tr-capital.com
Topic: Press open summary
Source: TR Capital
Sectors: Day to day Finance, Healthcare & Pharm, Funds & Equities, PE, VC & Imaginable decisions, FinTech
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