Vietnamese pharmacy chain Pharmacity has announced raising growth capital from healthcare-focused investment firm LeapFrog Investments. Financial terms of the round remain undisclosed.
The announcement confirms DealStreetAsia’s report early this month that Pharmacity was understood to be raising a new funding round in a mix of equity and debt.
The pharmacy chain said the fresh funds will support the expansion of its network of more than 1,100 stores across Vietnam, including into smaller Tier II and III cities.
As reported by DealStreetAsia earlier, based on multiple sources familiar with the matter, the company was targeting to raise about $60 million.
“With LeapFrog’s support, we are ready to accelerate into our next chapter,” Pharmacity CEO Deepanshu Madan said, adding that the company achieved profitability for successive quarters since the fourth quarter of 2025.
Founded in 2011, Pharmacity was among the first companies to scale the modern pharmacy retail model in Vietnam.
The chain serves nearly 19 million loyalty customers and offers more than 7,000 products spanning medicines, vitamins, supplements, and beauty products.
The retailer added 140 stores in 2025 and plans to open another 500 outlets over the next three years as it expands its national footprint.
In addition to retail pharmacy operations, Pharmacity is expanding into healthcare services, including consultations, diagnostics, and pharmacy benefits management, as it seeks to position itself as a broader healthcare platform.
Pharmacity has previously raised funding from Mekong Capital, SK Group, TR Capital, and American distressed asset investment firm Avenue Capital Group.
Per the most recent filings in November 2025, accessed by DealStreetAsia, foreign shareholders collectively own 49.74% of Maroon Bells, the ultimate holding firm of Pharmacity. TR Capital was the largest shareholder with 22.39%, followed by Mekong Capital, through two entities, at 12.26%, and Avenue Capital at 9.57%.
The investor in the round, LeapFrog, focuses on investments in financial services, healthcare, and climate solutions. In Vietnam, it has backed SME lender HDBank, along with the International Finance Corporation and German development finance institution DEG.
In the pharmacy retail segment, Leapfrog has recently exited Goodlife Pharmacy in East Africa.
“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,” said Biju Mohandas, LeapFrog Investments’ partner and global lead for healthcare.
