Curated News
By: NewsRamp Editorial Staff
May 28, 2026

TR Capital's Pharmacity Attracts LeapFrog Investment After Profitability Milestone

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TLDR

  • Pharmacity's turnaround under TR Capital achieved profitability, attracting LeapFrog investment for expansion in Vietnam's growing healthcare market.
  • TR Capital led an operational turnaround, improving unit economics and store selection, resulting in EBITDA profitability by Q4 2025.
  • Pharmacity expands access to quality healthcare across Vietnam with 1,100 stores, serving 19 million loyal customers nationwide.
  • Pharmacity added 140 new stores in 2025, with 35% revenue growth and plans for health consultations and diagnostics.

Impact - Why it Matters

This news matters because it signals a robust recovery and growth potential in Vietnam's consumer healthcare market. Pharmacity's turnaround and profitability demonstrate that disciplined operational improvements can drive significant value in emerging market retail. For consumers, it means expanded access to quality healthcare products and services across Vietnam, as the chain grows its footprint and service offerings. For investors, it highlights a viable investment avenue in Southeast Asia's healthcare sector, with a proven model for scaling modern pharmacy chains.

Summary

TR Capital, a leading secondary private equity investor, has announced that its portfolio company Pharmacity, Vietnam's largest modern retail pharmacy chain, is raising growth capital from LeapFrog Investments. This milestone follows a successful turnaround under the leadership of Deepanshu Madan, Partner at TR Capital, who stepped in as CEO to steer the company. Pharmacity achieved EBITDA profitability in Q4 2025 and continued that momentum into Q1 2026, with over 35% year-on-year revenue growth and over 20% same-store sales growth. The company now operates more than 1,100 stores nationwide, serving nearly 19 million loyal customers with a portfolio of over 7,000 active products. The transaction underscores investor interest in Vietnam's consumer healthcare sector, as reported by NEWMEDIAWIRE.

Pharmacity was founded in 2011 and was among the first to scale the modern pharmacy retail model in Vietnam. Under TR Capital's stewardship, the company has undergone a multi-year value creation journey, improving unit economics and store selection discipline. In 2025, it added 140 new stores and plans further expansion. Beyond retail, Pharmacity is expanding into preventive health consultations, diagnostics, and pharmacy benefits management, aiming to build a broader consumer healthcare platform. Paul Robine, Founder and CEO of TR Capital, highlighted the operational transformation and stronger governance that positioned the company for its next phase. Deepanshu Madan emphasized the ambition to become the most trusted pharmacy brand in Vietnam, with substantial investments in people, systems, and customer proposition.

LeapFrog Investments brings relevant sector experience from investing in healthcare and essential services across emerging markets. The transaction also highlights the increasing relevance of Vietnam's consumer healthcare market in the Southeast Asian private equity landscape. TR Capital, with total capital commitments of approximately US$1.5 billion, focuses on technology, next-generation consumer, and healthcare sectors. Pharmacity's growth trajectory and profitability achievement mark a significant step in institutionalizing the company for long-term success.

Source Statement

This curated news summary relied on content disributed by NewMediaWire. Read the original source here, TR Capital's Pharmacity Attracts LeapFrog Investment After Profitability Milestone

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