Exclusive: Rio Health raises Rs 43 Cr in pre-Series A led by Version One Ventures

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Rio Health, a quick-commerce platform for medicines and healthcare essentials, has raised Rs 43.08 crore or $4.5 million in a pre-Series A funding round led by new investor Version One Ventures, with participation from existing investors Xeed Ventures, Good Capital and Amplify Partner. 
According to its regulatory filings accessed by Entrackr, Rio.ai’s board has approved the allotment of 7,130 compulsorily convertible preference shares (CCPS) at an issue price of Rs 60,415 per share to raise the aforementioned amount.
Version One Ventures led the round with an investment of Rs 21.30 crore, followed by Xeed Ventures with Rs 11.84 crore and Good Capital Fund II with Rs 9.47 crore, while Amplify IV PCC invested Rs 47 lakh.
According to Entrackr’s estimates, the company’s post-money valuation stood at around Rs 170 crore. 
Following the latest allotment, Xeed Ventures holds a 21.11% stake in Rio.ai, followed by Good Capital at 17.07% and Version One Ventures at 12.86%. Co-founders Ankur Agrawal and Amit Ahuja hold 17.50% each.
The fresh funds will be used to expand Rio Health’s presence across Delhi NCR, grow its network from three to more than 15 dark stores, and strengthen the technology behind its ordering, inventory and delivery operations. The company is targeting ARR of more than INR 150 crore over the next nine to twelve months.
According to the company, it processes more than 30,000 orders a month, with an average order value ranging between Rs 600-700. Nearly 80% of its orders come from repeat customers.
Founded by Ankur Agrawal and Amit Ahuja, Rio Health delivers medicines and healthcare essentials across Delhi NCR in 20 to 30 minutes. The company offers access to more than 20,000 SKUs, while long-tail medicines can be sourced through its distributor network.
According to the company, each Rio Health dark store serves a radius of approximately three kilometres. The company also uses neighbourhood-level demand data to forecast which medicines are likely to be required in each area and stock its stores accordingly.

document fetched 2026-09-24 02:53