Ultrahuman’s Revenue Growth and Global Expansion Plans
Healthtech startup Ultrahuman aims to significantly boost its revenue to approximately Rs 1,100 crore by FY26, drawing from its current annualised run rate (ARR), according to founder Mohit Kumar in a discussion with Startup Superb. In FY25, the company achieved Rs 565 crore in revenue, along with a profit after tax of Rs 73 crore. “FY26 is projected to deliver a similar profit multiple, around 1.5X, even as we amplify our investments in research and development and new facilities,” Kumar stated. He noted that this year’s emphasis is on fostering long-term capabilities instead of short-term earnings.
International Markets Driving the Next Growth Phase
Ultrahuman, which initiated its international expansion with the US market, is now gaining traction in Europe, the UK, and Canada. Kumar mentioned, “Over the past six months, we have been intensively focusing on other global markets. These three regions are now showing adoption levels on par with the US.” Additionally, the company has recently acquired a UK firm to enhance its market presence. “After over two and a half years in Europe, we are proud to be among the top sellers in our category,” he noted, highlighting that Ultrahuman’s global operations are currently expanding at a rate of 25% annually.
Challenges in the European Market
Despite growth, Europe presents a complex landscape for scaling. “The market is fragmented, necessitating localisation, diverse languages, and tailored distribution setups,” Kumar elaborated. He contrasted this with the US market, which is more centralised. “Working with major retailers like Amazon, Costco, and Walmart covers vast ground, but one must also be prepared for fierce competition, litigation, and stringent pricing dynamics.”
User Growth with Innovative Products
Ultrahuman currently caters to over 500,000 users, welcoming nearly 70,000 new users monthly, with peaks of up to 100,000–120,000 during peak seasons. According to Kumar, the Ultrahuman Ring and Blood Vision products are the key drivers of user growth.
“This Ring is our top-selling item, closely followed by our Continuous Glucose Monitoring (CGM) service,” Kumar detailed. “Interestingly, about 60–65% of our ring users are women due to its aesthetic appeal, alongside features like temperature tracking that assist in ovulation and fertility analysis.” The CGM service boasts a retention rate of 95%, making it a consistent contributor to revenue.
Financial Insights: Margins and Subscriptions
The company experiences varying gross margins across its product lines: 55% for Rings, 32% for M1, and 29% for Ultrahuman Home. Subscriptions now represent 16% of overall revenue, with a renewal rate among paying customers ranging from 75% to 80%. Currently, India accounts for only 6% of total revenue, although this share has doubled year-on-year. Ultrahuman intends to implement omnichannel retail in India starting in November, beginning with Bengaluru, followed by Mumbai and Delhi.
Pursuing a $10 Billion Global Market
Ultrahuman is targeting a $10 billion global opportunity in health measurement devices. “This category currently sells between 200,000 and 300,000 devices monthly,” Kumar stated. “We aim to expand to 1.5 to 2 million devices each month over the next two years, aiming to capture 10% of this market.” The company is also looking at new territories such as Thailand, Singapore, the Middle East, and Australia, regions that Kumar notes are increasingly focused on health and exhibit growing demand for premium fitness products.
Advice for Indian Startups on Global Expansion
Kumar’s advice to Indian startups eyeing global markets is straightforward: “Before entering markets like the US, it’s essential to grasp litigation, automation, distribution, and hiring—these are pivotal factors for survival. The competitive landscape in the West operates differently. In addition to product, pricing, and quality, competitors use patents, regulation, and lobbying to gain an advantage.” He believes that certain categories possess substantial potential overseas. “The organic food sector is fragmented, with many products containing additives. There’s a rising awareness in the West regarding raw and organic foods, providing space for Indian brands to infiltrate the US and other developed markets,” he noted. Kumar suggested that Indian electronics manufacturers like Atomberg, which have concentrated heavily on product innovation, could also achieve significant successes in the US.
