Pharmacity obtains funding from LeapFrog Investments

As reported by DealStreetAsia, the fresh funding will facilitate Pharmacity’s expansion nationwide, especially in the Tier II and III cities.

“With LeapFrog’s support, we are ready to accelerate into our next chapter,” said Pharmacity CEO Deepanshu Madan, adding that the company has achieved profitability for successive quarters.

Pharmacity is Vietnam’s second-largest pharmacy retail chain by store count, operating 1,049 stores nationwide as of year-end 2025. The company offers a wide-ranging portfolio that includes prescription medications, over-the-counter drugs, health supplements, personal care products, and essential medical supplies, making it a one-stop destination for everyday healthcare needs.

Since receiving investment from Mekong Capital’s MEF III fund in 2017, Pharmacity has undergone a significant transformation, from a network of just 49 stores to over 1,000 locations.

The company has a plan to add another 500 stores over the next three years to expand its coverage nationwide.

By 2027, Pharmacity aims to broaden its presence within Vietnam’s healthcare ecosystem through the integration of clinic networks, strategic insurance partnerships, and targeted vertical expansion in e-commerce.

Leveraging its extensive nationwide footprint, the company also plans to scale its private label offerings and build a branded distribution arm, enhancing both market competitiveness and operational efficiency.

Besides Mekong Capital, Pharmacity has secured funding from several investors like SK Group, TR Capital and Avenue Capital Group.

Founded in 2007, LeapFrog Investments has backed and built high-growth companies delivering healthcare, financial services and climate solutions that operate across 37 countries. In Vietnam, the fund invested in HDBank in collaboration with the International Finance Corporation and DEG in 2022.

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