Rio.ai Secures Rs 43.08 Crore Funding
Rio.ai, a healthtech startup focused on establishing an AI-powered quick-commerce platform for medicines and healthcare essentials, has successfully raised Rs 43.08 crore in a pre-Series A funding round. This funding round was led by the new investor Version One Ventures, with support from current investors including Xeed Ventures, Good Capital, and Amplify Partner.
Funding Details of Rio.ai
The regulatory filings accessed by Startup Superb reveal that Rio.ai’s board has sanctioned the issuance of 7,130 compulsorily convertible preference shares (CCPS) at a price of Rs 60,415 per share to achieve the targeted funding amount. Version One Ventures contributed Rs 21.30 crore, making it the lead investor, with Xeed Ventures following with Rs 11.84 crore and Good Capital Fund II injecting Rs 9.47 crore. Additionally, Amplify IV PCC made an investment of Rs 47 lakh.
Valuation and Stake Distribution
According to estimates from Startup Superb, the company’s post-money valuation is approximately Rs 170 crore. After this funding, Xeed Ventures now holds a 21.11% stake in Rio.ai, while Good Capital owns 17.07%, and Version One Ventures has a share of 12.86%. Co-founders Ankur Agrawal and Amit Ahuja retain a 17.50% ownership each.
Future Plans of Rio.ai
The fresh capital raised is intended to address general operational and working capital needs, as well as to finance capital expenditures. This funding will also bolster the company’s capital base and assist in expanding business operations.
Engagement with Investors
A prior report from Moneycontrol highlighted that Rio.ai was in discussions to secure around $5 million from Binny Bansal along with Canadian funds and other investors.
About the Founders
Founded by Ankur Agrawal and Amit Ahuja, the healthtech startup Rio.ai is developing an AI-driven quick-commerce platform dedicated to medicines and healthcare essentials. The Rio Health platform allows users to conveniently order medicines and various healthcare products through WhatsApp, ensuring rapid deliveries within 15–30 minutes.