Vietnam’s largest pharmacy retailer, Pharmacity, plans to open 350 new stores this year and reach 1000 stores by the end of next year. In February 2020, Pharmacity raised VND 730 billion (USD 31.8 million) in a fresh funding round, which will be used for the further store network expansion. The identity of the investors was not revealed.
The company is aiming to exceed VND 3 trillion (USD130 million) in revenue. In 2019, Pharmacity achieved revenue growth of 129% year on year.
Established in 2012, Pharmacity is Vietnam’s largest pharmacy retail chain, with more than 210 locations in Ho Chi Minh City, Can Tho, Binh Duong, Vung Tau and Hanoi.
Prior to the latest funding round, Pharmacity had successfully raised VND 150 billion (USD 6.44 million). Pharmacity also received financing from Mekong Capital, a Vietnam-based private equity fund company, in 2019 to accelerate its growth within the country.
(Source: Insideretail Asia)