Rio Health raises ₹43 crore pre-Series A led by Version One Ventures
Kalpana Maurya
1 Oct 2026 · 2 min read
Rio Health, which delivers medicines in Delhi NCR in 20 to 30 minutes, has raised ₹43.08 crore ($4.5 million) led by Version One Ventures. The money will take its dark-store count from three to more than 15 as quick commerce pushes deeper into pharmacy.
Rio Health, a quick-commerce platform for medicines and healthcare essentials in Delhi NCR, has raised ₹43.08 crore ($4.5 million) in a pre-Series A round led by Version One Ventures, a new investor. Existing backers Xeed Ventures, Good Capital and Amplify also put money in. The round was reported on 23 September 2026.
According to regulatory filings cited by Entrackr, the board of the legal entity, Rio.ai, approved the allotment of 7,130 compulsorily convertible preference shares at ₹60,415 each to raise the amount. Inc42 described the round as all-equity.
How the round breaks down
Version One Ventures wrote the largest cheque at ₹21.30 crore. Xeed Ventures added ₹11.84 crore, Good Capital Fund II ₹9.47 crore, and Amplify IV PCC ₹47 lakh. Entrackr estimates the post-money valuation at about ₹170 crore.
After the allotment, Xeed Ventures is the largest outside shareholder with 21.11%, followed by Good Capital at 17.07% and Version One at 12.86%. Co-founders Ankur Agrawal and Amit Ahuja each hold 17.50%.
What the money is for
Rio Health plans to widen its footprint across Delhi NCR, growing from three dark stores to more than 15, which Inc42 put as 12 new stores. It will also spend on the technology behind ordering, inventory and delivery. The company is aiming for annual recurring revenue above ₹150 crore within the next nine to 12 months.
Agrawal told Inc42 that the funding would help the company improve how it predicts neighbourhood-level demand and reach more customers across the region with reliable medicine delivery.
About Rio Health
Founded in 2024 by Ankur Agrawal and Amit Ahuja, Rio Health delivers medicines and healthcare essentials across Delhi NCR in 20 to 30 minutes. It stocks more than 20,000 SKUs and sources long-tail medicines through a distributor network.
Each dark store covers a radius of roughly three kilometres, and the company uses neighbourhood-level demand data to decide which medicines to stock where. Rio Health says it handles more than 30,000 orders a month at an average order value of ₹600 to ₹700, with close to 80% of orders coming from repeat customers.
Key facts
- Company: Rio Health (legal entity Rio.ai)
- Founders: Ankur Agrawal, Amit Ahuja
- Founded: 2024 (per Inc42)
- Round: Pre-Series A
- Amount: ₹43.08 crore ($4.5 million)
- Lead investor: Version One Ventures (₹21.30 crore)
- Other investors: Xeed Ventures, Good Capital Fund II, Amplify IV PCC
- Post-money valuation: about ₹170 crore (Entrackr estimate)
- Announced: 23 September 2026
Frequently asked questions
How much did Rio Health raise?
Rio Health raised ₹43.08 crore, or about $4.5 million, in a pre-Series A round.
Who led Rio Health's pre-Series A round?
Version One Ventures led the round with ₹21.30 crore. Xeed Ventures, Good Capital Fund II and Amplify IV PCC also invested.
Who founded Rio Health?
Rio Health was founded by Ankur Agrawal and Amit Ahuja, who each hold 17.50% after the round.
What will Rio Health do with the funds?
It plans to expand from three to more than 15 dark stores in Delhi NCR and strengthen its ordering, inventory and delivery technology.
What is Rio Health's valuation?
Entrackr estimates the post-money valuation at about ₹170 crore.
