Highlights
Ultrahuman’s Impressive Growth in 2024
Wearable technology startup Ultrahuman has experienced a remarkable increase in its operating scale, reaching $74.5 million (approximately Rs 620 crore) for the calendar year 2024 (CY24), as detailed in the company’s annual report. This represents a nearly six-fold rise in revenue compared to $12.9 million (around Rs 100 crore) reported in 2023 (CY23).
The Bengaluru-based company also achieved a similar revenue figure for the financial year 2024 (FY24). Current trends suggest that Ultrahuman is on track to exceed the Rs 620 crore revenue mark in FY25.
Financial Performance Overview
Despite closing FY24 with a loss of Rs 39 crore, Ultrahuman managed to post a profit before tax (PBT) of 11% and achieved an EBITDA margin of 8% during the last calendar year (CY24), according to the firm’s report.
Revenue Sources
Ultrahuman attributes its growth largely to the flagship product, the Ring AIR, which accounted for 90% of its revenue, amounting to $67 million in CY24—up from $7 million in CY23. The remaining revenue came from:
- PowerPlug/UltraHuman X: $2.8 million
- Extended Ecosystem (M1, Home, Blood Vision): $4.3 million
Peak Sales Achieved
According to the report, Ultrahuman recorded its highest sales ever in November last year, achieving $17.7 million.
Expansion and Innovation
To accommodate increased demand, Ultrahuman expanded its Bengaluru UltraFactory by 15X in 2024 and also initiated a new facility in Plano, Texas, to enhance innovation and optimize supply chain efficiency.
Organic Growth Focus
Significantly, the company accomplished this growth without any advertising expenditure. Instead, it concentrated on organic growth, direct sales, and retail expansion during the year 2024.
Retail Performance Highlights
Retail sales saw a substantial increase, rising to 35% in 2024, up from 20% the previous year, while direct-to-consumer (D2C) sales remained robust at 41%. This expansion was fuelled by strong performances in emerging markets such as:
- Thailand
- Hungary
- Germany
Additionally, continued strength was noted in core markets including the US, India, UAE, and the UK.
Gender Demographics
In terms of gender demographics, the proportion of female users increased to 44% of Ultrahuman’s user base in 2024, up from 29% the prior year. This increase was influenced by features such as:
- Cycle Insights
- Ovulation Tracking
- Introduction of size 5 for the Ring AIR
Investment Highlights
Ultrahuman has successfully raised over $60 million, including a $35 million Series B round led by the founder and CEO of Zomato, Deepinder Goyal, alongside existing investors. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures. Co-founders Mohit Kumar and Vatsal Singhal own 28.9% of the company.