Vietnam’s Pharmacity eyes 1000 stores by end of 2021
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Vietnam’s largest pharmacy retailer Pharmacity has raised VND730 billion (US$31.8 million) in a fresh funding round as it ramps up its expansion plans.
According to a statement, the new funding will be used for further store network expansion. However, the identity of the investors was not revealed.
Pharmacity, which previously has received backing from Mekong Capital, aims to open 350 new stores this year and reach 1000 stores by the end of next year.
The company is targeting more than VND3 trillion (US$130 million) in revenue.
Last year, Pharmacity achieved revenue growth of 129 percent year on year, it said in a statement.
Prior to the latest funding round, Pharmacity had successfully raised VND150 billion (US$6.44 million).
Questions & Answers
Q.How much funding did Pharmacity secure in its latest investment round?
How much funding did Pharmacity secure in its latest investment round?
Pharmacity raised VND730 billion (US$31.8 million) in its recent funding round. This new capital is intended to support the company's ambitious expansion plans.
Q.What is Pharmacity's target for store numbers by the end of 2021?
What is Pharmacity's target for store numbers by the end of 2021?
Pharmacity aims to have 1000 stores open by the end of 2021. This includes plans to open 350 new stores within the current year.
Q.Which firm has previously invested in Pharmacity?
Which firm has previously invested in Pharmacity?
Mekong Capital has previously provided backing to Pharmacity. The identity of the investors in the latest funding round was not disclosed.
Q.What revenue growth did Pharmacity achieve last year?
What revenue growth did Pharmacity achieve last year?
Pharmacity reported a revenue growth of 129 percent year on year last year. The company is now targeting more than VND3 trillion (US$130 million) in revenue.
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