Ultrahuman has registered an impressive growth in the wearable tech industry, achieving over 15 times revenue growth between FY22 and FY24, followed by another five-fold increase year-on-year in FY25. The Bengaluru-based company also reported profitability for the fiscal year ending March 2025. According to the consolidated financial statements examined by Startup Superb, Ultrahuman’s operational revenue expanded to Rs 565 crore in FY25, up from Rs 105 crore in FY24.
As a self-quantification platform, Ultrahuman offers several innovative products, including its notable smart ring Ring Air, glucose monitoring device M1 Live, and blood testing product Blood Vision. The smart rings have been pivotal for the company, contributing to 91.3% of operational revenue, which surged by 9.5 times to Rs 516 crore in the last fiscal year.
The company’s subscription revenue saw a 7.4% growth, reaching Rs 29 crore, while other operational income was recorded at Rs 20 crore. When considering additional income from interests and gains on mutual funds, Ultrahuman’s total income witnessed a substantial rise of 5.4 times, reaching Rs 581 crore in FY25 compared to Rs 108 crore in FY24.
With a holding entity in India and four wholly-owned subsidiaries across the US, UK, and the Middle East, Ultrahuman’s market presence is significant. The US constitutes the largest market for Ultrahuman, accounting for 61.4% of its earnings, followed by the UK at 4.5%, the Middle East at 5.9%, and India at 2.7%.
A report released earlier this year highlighted that Ultrahuman’s retail sales increased to 35% in 2024 from 20% in 2023, while direct-to-consumer (D2C) sales made up 41%. This growth is attributed to strong demand in emerging markets like Thailand, Hungary, and Germany, alongside sustained interest in core markets such as the US, India, UAE, and the UK.
On the expenses side, procurement costs were noted at Rs 95 crore, while employee benefits amounted to Rs 52 crore. Combined advertising, selling, and distribution expenses reached Rs 142 crore in FY25. Other costs related to job work, website maintenance, legal fees, spare parts, and overheads raised Ultrahuman’s total expenditure to Rs 535 crore for the fiscal year.
A rapid scale-up paired with effective cost management allowed Ultrahuman to achieve its first profit of Rs 73 crore in FY25, contrasting with a loss of Rs 38 crore in FY24. The return on capital employed (ROCE) and EBITDA margin improved to 12.9% and 8.76%, respectively.
At the unit level, Ultrahuman expended Re 0.95 to earn a rupee in FY25. By March 2024, the total current assets reached Rs 544 crore, which included Rs 80 crore in cash and bank balances.
In its annual report, the company revealed that on August 22, 2025, Ultrahuman Healthcare Limited, a wholly owned subsidiary, signed a share purchase agreement to acquire 100% of viO HealthTech Limited. This acquisition is expected to enhance the women’s cycle and ovulation tracking features of its smart rings.
To date, Ultrahuman has secured over $60 million in funding, including a $35 million Series B round led by Zomato’s founder and CEO Deepinder Goyal, alongside existing investors. Nexus Ventures holds the largest external share at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal collectively possess 28.9% ownership of the company.
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