India, Sept. 24 -- Pharmacy-focused quick commerce startup Rio Health has raised $4.5 Mn (around Rs.43 Cr) in a pre-Series A funding round led by Version One Ventures. Existing investors Xeed Ventures, Good Capital and Amplify also participated in the all-equity round.

The startup intends to use the fresh capital to expand its presence across Delhi NCR by setting up 12 more dark stores as well as strengthen its tech abilities across ordering, inventory and delivery operations.

The startup is also targeting an annual recurring revenue (ARR) of more than Rs.150 Cr over the next nine to 12 months.

"This funding will help us strengthen our technology, improve how we predict neighbourhood-level demand, and make reliable medicine delivery av...