Rio Health Raises ₹43.08 Crore Pre-Series A Funding Led by Version One Ventures
Rio Health processes 30,000+ orders monthly across 20,000+ SKUs, with nearly 80% of orders coming from repeat customers and deliveries targeted within 15–30 minutes across its Delhi-NCR service areas.
Gurugram-based pharmacy quick-commerce startup Rio Health has raised ₹43.08 crore ($4.5 million) in a pre-Series A funding round led by Version One Ventures, as it looks to expand its dark-store network and strengthen the technology supporting medicine delivery across Delhi-NCR.
Existing investors Xeed Ventures, Good Capital and Amplify also participated in the all-equity round. According to regulatory filings reported from the company’s latest share allotment, Version One Ventures invested ₹21.30 crore, followed by ₹11.84 crore from Xeed Ventures, ₹9.47 crore from Good Capital Fund II and ₹47 lakh from Amplify IV PCC. The board approved the allotment of 7,130 compulsorily convertible preference shares at ₹60,415 apiece.
The latest fundraise takes Rio Health’s total capital raised to ₹62.24 crore, including ₹19.16 crore raised across earlier rounds.
Rio Health plans to use the fresh capital to expand across Delhi-NCR, growing its dark-store network from three locations to more than 15. The company plans to add 12 stores while investing in the technology supporting ordering, inventory management and delivery operations. The funding will also support working capital, capital expenditure and broader business expansion.
The startup is targeting an annual run rate of more than ₹150 crore over the next nine to 12 months. It also plans to improve neighbourhood-level demand forecasting and expand medicine availability across its service network. The ₹150 crore figure is a company projection, rather than current revenue.
Founded by Ankur Agrawal and Amit Ahuja, Rio Health operates a pharmacy-focused quick-commerce model for medicines and healthcare essentials. The company currently targets delivery within 15–30 minutes across its Delhi-NCR service areas.
Customers can place orders through WhatsApp by sending a medicine list or uploading a photograph of a prescription. The company also says users can interact through Hindi, English or Hinglish. Its AI-led system identifies medicines from prescriptions and creates an order, after which the prescription is checked before fulfilment.
Rio Health currently offers access to more than 20,000 SKUs, while medicines outside its stocked assortment can be sourced through its distributor network. Each dark store serves a radius of approximately three kilometres, with neighbourhood-level demand data used to forecast medicine requirements and determine inventory.
According to the company, Rio Health currently processes more than 30,000 orders a month, with an average order value of ₹600-700. Nearly 80% of orders come from repeat customers, indicating a significant share of recurring demand in its current order base.
The company has also crossed 10 lakh cumulative orders and says it has served more than 50,000 families. These figures are reported on Rio Health’s current website.
The latest funding follows Rio Health’s earlier development of a pharmacy-specific quick-commerce model built around local inventory and rapid fulfilment. Rather than relying solely on a central pharmacy or marketplace model, the company uses neighbourhood dark stores to position frequently ordered medicines closer to customers while using demand data to plan inventory.