Rio Health, a platform for rapid commercial servicing of medicines and essential healthcare goods, announced on Thursday that it has raised $4.5 million (equivalent to 43.08 crore rupees) in a Pre-Series A funding round. The round was led by Version One Ventures. Existing investors Xeed Ventures, Good Capital, and Amplify participated in the fully closed equity round.
With the funds raised, Rio Health plans to expand its presence in the Delhi-NCR region, increasing its network from three to over 15 dark stores, as well as strengthening its technological infrastructure responsible for ordering, inventory management, and delivery.
Over the next nine to twelve months, the company aims to achieve an annual turnover exceeding 150 crore rupees. Prior to this round, Rio Health had already raised 19.16 crore rupees in previous rounds, bringing the total amount raised to 62.24 crore rupees.
Currently, Rio Health processes over 30,000 orders monthly. The average order value ranges between 600 and 700 rupees, with nearly 80 percent of orders coming from regular customers.
Rio Health was founded by Ankur Agrawal and Amit Ahuja. The company delivers medicines and health products across Delhi-NCR within 20 to 30 minutes. Customers can place orders via voice or text in Hindi, English, or Hinglish, or by uploading a photo of a prescription. Rio Health's AI-driven system identifies the prescribed products and generates the order, which is then verified by a licensed pharmacist.
Each Rio Health dark store serves a radius of approximately three kilometers. The company uses district-level demand data to forecast the needs for various medications in each zone and replenishes stock accordingly in the stores. Rio Health offers over 20,000 product items, and rare medicines can be obtained through a network of distributors.