Healthtech Startup Rio Health Raises Rs 43 Crore in Pre-Series A Led by Version One Ventures
Gurugram-based healthtech startup Rio Health (operating under Rio.ai), which is building an AI-powered quick commerce platform for medicines and healthcare essentials, has raised Rs 43.08 crore, around $4.5 million, in a pre-Series A funding round led by new investor Version One Ventures, with existing investors Xeed Ventures, Good Capital and Amplify Partners also participating in this fully closed, all-equity round.
Here's how the capital broke down. Version One Ventures led with an investment of Rs 21.30 crore, followed by Xeed Ventures at Rs 11.84 crore and Good Capital Fund II at Rs 9.47 crore, while Amplify IV PCC contributed Rs 47 lakh. Following this allotment, Xeed Ventures holds a 21.11% stake, Good Capital 17.07%, and Version One Ventures 12.86%, while co-founders Ankur Agrawal and Amit Ahuja each retain a 17.50% stake. The round pushes Rio Health's post-money valuation to roughly Rs 170 crore, and takes its total funding raised to date to Rs 62.24 crore.
Here's what Rio Health is actually building. Its platform lets customers order medicines and healthcare products directly through WhatsApp, with deliveries promised in just 15 to 30 minutes, positioning it at the intersection of healthcare, AI and quick commerce rather than treating medicine delivery as just another quick-commerce category.
The fresh capital has a clear roadmap. Rio Health plans to expand its presence across Delhi-NCR by growing its dark store network from just 3 to more than 15, while strengthening the technology behind its ordering, inventory and delivery operations. The company is targeting an annual run rate of more than Rs 150 crore within the next nine to twelve months. It's worth noting the company was previously reported to be in talks to raise around $5 million from Binny Bansal and Canada-based funds, making this pre-Series A a more modest, though still meaningful, step up.
The traction so far is real but early-stage, Rio Health currently processes more than 30,000 orders a month, with an average order value between Rs 600 and 700, and nearly 80% of its orders coming from repeat customers, a genuinely strong signal of user trust in a category where reliability matters more than almost anything else.
From WhatsApp orders to a 15-crore-store dark store network, Rio Health's bet is that medicine delivery needs the same speed as food delivery, minus any room for error.
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— Sandeep Raiza