• Investment comes as Pharmacity achieves profitability for successive quarters, with 35% topline growth in Q1 2026
• Capital will accelerate expansion of Pharmacity’s 1,100-store national network across Vietnam

Ho Chi Minh City, Vietnam: Pharmacity, Vietnam’s largest modern retail pharmacy chain, has raised growth capital from LeapFrog Investments, the pioneering profit-with-purpose investment firm, to accelerate its expansion and deepen access to quality healthcare across Vietnam.

Founded in 2011, Pharmacity was the first company to scale the modern pharmacy concept in the country. The business has grown its network ten-fold to more than 1,100 stores today, with strong coverage across the major cities and increasingly into Tier II and III cities. Pharmacity serves a loyal customer base of almost 19 million people, offering access to more than 7,000 active products spanning medicines, vitamins and supplements, and health and beauty. The company leverages its scale and procurement capabilities to ensure consistent product availability, quality and competitive pricing for consumers.

Pharmacity has achieved profitability for successive quarters from Q4 2025 – driven by strong unit economics and a proven store selection strategy. The business is on track to sustain this momentum with over 35% year-on-year topline growth in the first quarter of 2026, despite ongoing supply chain disruptions globally. Further, same store sales growth exceeds 20% in the same period.

In 2025, Pharmacity added 140 new stores, and remains on track to open a further 500 new stores over the next three years, significantly strengthening its national footprint. Cohorts of new stores opened in the past 24 months are already reaching EBITDA breakeven.

Vietnam represents the largest and fastest growing retail pharmacy market in Southeast Asia, driven by rising incomes, a growing middle class, and increasing consumer awareness of preventive health. Despite this, the market remains highly fragmented with associated issues including inefficient supply chains and inconsistent quality and pricing. Pharmacity’s model directly addresses this gap, bringing professional standards, trained staff, and rigorous quality control to each of its stores.

In addition to its core retail pharmacy business, Pharmacity is also increasingly shaping itself into an end-to-end health hub that offers health consultations, diagnostics and pharmacy benefits management, bringing preventive care and early diagnosis to its extensive base of loyalty customers.

Pharmacity CEO Deepanshu Madan said: “Our vision is consistent: to be the most trusted pharmacy brand in Vietnam. We have invested deeply in the foundations – our people, our systems, our store standards, and our customer relationships – and that work is now bearing fruit. Achieving profitability in Q4 2025 was a meaningful milestone. With LeapFrog’s support, we are ready to accelerate into our next chapter: expanding our reach, deepening our services, developing a hub for healthcare and allied services and raising the bar for what pharmacy retail can be in Vietnam.”

LeapFrog Investments’ Partner and Global Lead for Healthcare, Biju Mohandas said: “We have spent years building expertise in retail pharmacy for underserved consumers across growth markets. 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, as the company continues expanding affordable and reliable access to quality healthcare for consumers at scale, across Vietnam.”

LeapFrog brings deep and directly relevant expertise to this partnership, including insights and experience drawn from its successful scaling and exit of Goodlife Pharmacies in Kenya, where the business was sold to strategic acquirer CFAO Group, part of the Toyota Tsusho Group. LeapFrog will work alongside the Pharmacity leadership team to strengthen governance, accelerate network expansion, deepen the healthcare services offering, and embed long-term operational and impact discipline.

Pharmacity is Vietnam’s leading pharmacy retail chain committed to improving access to high-quality healthcare products and pharmaceutical services nationwide. With a nationwide network of more than 1,100 pharmacies serving almost 19 million loyalty customers, the company combines large-scale retail operations with standardised pharmacy practices, technology-enabled supply chain management, and stringent medicine storage standards to serve the growing demand for quality healthcare in Vietnam’s rapidly expanding consumer health market. According to a 2025 survey, consumers ranked Pharmacity as Vietnam’s No.1 pharmacy brand for medicine storage quality.

LeapFrog is the pioneer of Profit with Purpose investing. Founded in 2007, its team has backed and built high-growth companies delivering healthcare, financial services and climate solutions that operate across 37 countries. Today, LeapFrog companies reach 622 million people with essential services and grow on average at 22% a year. They also finance or protect 33 million emerging enterprises and support 81 million jobs. Through its private equity funds, LeapFrog has raised billions of dollars from institutional investors worldwide and co-created industry champions across global growth markets. The firm has played a foundational role in what is now the $1.6 trillion impact investing industry, collaboratively creating global organisations and standards. LeapFrog was ranked, alongside Apple and Novartis, by Fortune as one of the top five Companies to Change the World.

Montfort Communications

Jack Roddan: +447825670695, LeapFrog@Montfort.London