Healthtech startup Rio.ai has raised Rs 43.08 crore in a pre-Series A funding round led by new investor Version One Ventures. Existing investors Xeed Ventures, Good Capital and Amplify Partner also participated in the round.
According to regulatory filings accessed by Entrackr, the board of Rio.ai approved the allotment of 7,130 compulsorily convertible preference shares (CCPS) at an issue price of Rs 60,415 per share. The allotment enabled the company to raise the Rs 43.08 crore secured in the latest funding round.
Version One Ventures led the funding round with an investment of Rs 21.30 crore. Xeed Ventures invested Rs 11.84 crore, while Good Capital Fund II contributed Rs 9.47 crore. Amplify IV PCC invested Rs 47 lakh in the round.
Based on its estimates, Entrackr reported that Rio.ai’s post-money valuation stood at around Rs 170 crore following the funding round. The latest investment also changed the shareholding structure of the company.
Following the new allotment, Xeed Ventures holds a 21.11% stake in Rio.ai. Good Capital holds a 17.07% stake, while Version One Ventures now owns 12.86% of the company. Co-founders Ankur Agrawal and Amit Ahuja each hold a 17.50% stake in the startup.
Rio.ai plans to use the newly raised capital for several business requirements. The company will deploy the funds towards general operating and working capital requirements, capital expenditure and strengthening its capital base. The funding will also support the expansion of its business operations.
The latest round comes as Rio.ai works on its AI-powered quick-commerce platform focused on medicines and healthcare essentials. The company was founded by Ankur Agrawal and Amit Ahuja and is developing its healthcare offering under the Rio Health platform.
Rio Health allows users to order medicines and other healthcare products through WhatsApp. The platform provides deliveries within 15–30 minutes, according to the company information reported by Entrackr.
The startup operates at the intersection of healthcare, artificial intelligence and quick commerce, with its platform designed to make the process of ordering medicines and healthcare products more accessible through a conversational interface.
The funding also follows earlier reports about Rio.ai exploring additional investment. A Moneycontrol report had previously said that the startup was in talks to raise around $5 million from Binny Bansal, Canada-based funds and other investors.
With the latest Rs 43.08 crore pre-Series A round, Rio.ai has brought in Version One Ventures as a new investor while receiving continued backing from Xeed Ventures, Good Capital and Amplify Partner. The capital will be directed towards the company’s operating requirements, infrastructure and expansion as it continues developing its AI-powered healthcare delivery platform.
