Highlights
Ultrahuman’s Remarkable Growth in Wearable Technology
Wearable technology startup Ultrahuman has achieved significant growth, tripling its revenue year-on-year to surpass Rs 100 crore by the end of the fiscal year in March 2024. Additionally, the company, backed by Deepinder Goyal, successfully minimized its losses by 45% during this timeframe.
Financial Highlights
- Ultrahuman’s total income rose to Rs 107 crore in FY24, an increase from Rs 30 crore in FY23, according to consolidated financial statements from the Registrar of Companies.
- The startup is known for its self-quantification platform, which includes products such as:
- Smart ring – Ring Air
- Glucose monitoring wearable – M1 Live
- Blood testing product – Blood Vision
Luxury Offerings at CES 2025
At the Consumer Electronics Show (CES) 2025, Ultrahuman introduced its luxury Rare smart ring collection, featuring models crafted from 18-karat gold and platinum, priced at up to $2,200. This collection is among the most expensive smart rings globally.
Revenue Breakdown
- Sales from smart rings constituted 75% of the overall revenue, amounting to Rs 80 crore in FY24.
- The remaining revenue was derived from subscription services and other related offerings by this Bengaluru-based enterprise.
- As of FY24, Ultrahuman has established two subsidiaries located in the UAE and London.
Cost Insights
On the expenditures front:
- The procurement of rings and related materials emerged as the primary cost, accounting for 26% of total expenses, which surged by 85% to Rs 38 crore in FY23.
- The company successfully maintained static employee benefits and reduced advertising expenses by 38% in FY24.
- Overall expenses increased by 44.6%, reaching Rs 146 crore in FY24, up from Rs 101 crore in FY23, influenced by technology, freight, legal, software, server, and other overhead costs.
Reduction in Losses
The impressive threefold growth in revenue, combined with controlled expenditure, enabled Ultrahuman to decrease its losses to Rs 39 crore in FY24, a notable reduction from Rs 71 crore in FY23. On a per-unit basis, the company expended Rs 1.36 to generate Rs 1 in FY24, a significant improvement compared to Rs 3.37 in FY23.
Investment Milestones
To date, Ultrahuman has secured over $60 million in funding, including a $35 million Series B round led by Deepinder Goyal and existing investors, achieving a post-money valuation of $125 million. Data from various startup intelligence platforms indicate that Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures. The co-founders, Mohit Kumar and Vatsal Singhal, collectively own 28.9% of the company.
Challenges Ahead
Despite impressive growth metrics, Ultrahuman must navigate the challenge of achieving profitability. The smart ring and glucose monitoring sectors are highly competitive, where narrative strength plays a critical role. The company’s reliance on outsourced manufacturing poses external risks that could be unpredictable. Therefore, it appears that Ultrahuman’s journey will continue without a pause.