Vietnam’s Mekong Capital-backed Pharmacity raises $31.8m in Series C round

Photo: Pharmacity

Mekong Capital-backed Pharmacity Pharmacy JSC, which owns the largest pharmacy network in Vietnam, has raised VND735 billion ($31.8 million) in a Series C funding round, according to a statement.

The names of the investors, however, were not disclosed.

The company said that the fresh funding will support its expansion plans. Going forward, it plans to open 350 new stores and hit the target of 1,000 stores across the nation by the end of November 2021.

Since its inception in 2012, Pharmacity has become Vietnam’s largest pharmacy network with as many as 252 stores in major cities across the country.

The company claims that it reached a growth of 127 per cent in sales in 2019 compared to the previous year. Going forward, this year, it has set a revenue target of over VND 3 trillion (around $130 million).

Before the Series C round, by the end of 2019, Pharmacity had sold debentures worth VND150 billion.

Last year, private equity firm Mekong Capital invested in pharmacy chain Pharmacity from its Mekong Enterprise Fund III, making it the eighth company to receive funding from the said fund. Its other portfolio companies include mattress firm Vua Nem wherein it invested in June 2018.

The pharmacy sector in Vietnam is of late witnessing significant action.

Largest electronics retailer MobileWorld, also backed by Mekong Capital, has also branched into pharmacy retailing by acquiring Ho Chi Minh City-based chain Phuc An Khang.

In a separate development, Japan’s Taisho Pharmaceutical Holdings has recently completed a transaction to lift its ownership in Vietnam-listed DHG Pharma JSC to over 51 per cent.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.