Rio Health Raises INR 43.08 Cr in Pre-Series A Round Led by Version One Ventures

The funding will also support the expansion of its business across Delhi NCR

Gurugram-based healthtech startup, Rio Health, has raised INR 43.08 crore or $4.5 million in a pre-Series A funding round led by new investor Version One Ventures.

The round also included participation from existing investors Xeed Ventures, Good Capital and Amplify Partner.

According to its regulatory filings accessed, Rio.ai’s board has approved the allotment of 7,130 compulsorily convertible preference shares (CCPS) at an issue price of INR 60,415 per share to raise the aforementioned amount.

Version One Ventures led the round with an investment of INR 21.30 crore, followed by Xeed Ventures with INR 11.84 crore and Good Capital Fund II with INR 9.47 crore, while Amplify IV PCC invested INR 47 lakh.

Rio.ai plans to use the newly raised capital for operating and working capital requirements, capital expenditure, and strengthening its capital base.

The funding will also support the expansion of its business across Delhi NCR, with further plans to enhance its network from three to more than 15 dark stores.

It also plans to strengthen its AI-powered platform and technology infrastructure intended to support its ordering, inventory, and delivery operations.

The startup is targeting ARR of more than INR 150 crore over the next nine to twelve months.

Founded by Ankur Agrawal and Amit Ahuja, Rio Health operates an AI-powered quick-commerce platform for medicines and healthcare essentials.

The startup operates at the intersection of healthcare, artificial intelligence, and quick commerce, with its platform designed to make the process of ordering medicines and healthcare products more accessible through a conversational interface.

Its platform enables users to order medicines and other healthcare products via WhatsApp and delivers medicines and healthcare essentials across Delhi NCR in 20 to 30 minutes.

The startup currently provides access to more than 20,000 SKUs, while long-tail medicines can be sourced through its distributor network.

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