According to DealStreetAsia, this new funding will boost Pharmacity's nationwide expansion, especially in tier-2 and tier-3 cities.
Pharmacity CEO Deepanshu Madan said: "With LeapFrog's support, we are ready to accelerate into the next phase." He added that the company has been profitable for several consecutive quarters.
Pharmacity is Vietnam's second-largest pharmacy retail chain by store count, operating 1,049 stores nationwide by end of 2025. The company offers a wide product portfolio including prescription drugs, OTC medicines, health supplements, personal care items, and basic medical supplies, serving as a one-stop destination for daily healthcare needs.
Since receiving investment from Mekong Capital's MEF III fund in 2017, Pharmacity has undergone a major transformation from a network of 49 stores to over 1,000 stores.
The company plans to add 500 more stores in the next three years to expand its nationwide coverage.
By 2027, Pharmacity aims to expand its influence in Vietnam's healthcare ecosystem through integrating clinic networks, strategic insurance partnerships, and targeted e-commerce vertical expansion.
With its extensive national footprint, the company also plans to expand its own-brand products and establish a brand distribution division to enhance market competitiveness and operational efficiency.
Besides Mekong Capital, Pharmacity has also secured funding from investors such as SK Group, TR Capital, and Avenue Capital Group.
LeapFrog Investments, founded in 2007, has invested in and built multiple high-growth companies providing healthcare, financial services, and climate solutions across 37 countries. In Vietnam, the fund invested in HDBank in 2022 alongside IFC and DEG.
