Money was stolen in the incident in Oldtown Road which happened at about 21:30 on Saturday.
Three men who may be able to assist officers with their inquiries have been sought by Police Scotland.
They were walking in the area at the time of the robbery and were wearing dark trousers and similar dark blue fleeces.
Police said the woman suffered minor injuries in the incident.
Det Insp Maggie Miller said: "We are appealing to the public for information in relation to this incident which will obviously be of concern to the local community.
"We believe that the incident may have been targeted and would appeal to anyone who saw anything unusual or suspicious in the area at the time to contact us.
"In particular we would like to trace three men who may be able to assist us with our inquiries.
"They would have been walking in the area at the time and are all described as wearing dark trousers and similar dark blue fleeces."
A woman was injured in what police believe was a "targeted" robbery at a house in Inverness.