Ultrahuman Scales Revenue to Rs 107 Crore, Trims Losses by 45%
Bengaluru-based wearable tech startup Ultrahuman has reported significant financial growth in fiscal year 2024, scaling its total income three-fold to Rs 107 crore from Rs 30 crore in the previous year while reducing losses by 45%.
Revenue Breakdown and Product Portfolio
The company's revenue primarily comes from smart ring sales, which accounted for 75% of its total revenue, or Rs 80 crore. Ultrahuman's product lineup includes the Ring Air, M1 Live glucose monitoring wearable, and Blood Vision blood testing product.
At the recent Consumer Electronics Show (CES) 2025, the startup unveiled its luxury Rare smart ring collection, featuring 18-karat gold and platinum models priced up to $2,200. This positioning positions it as a premium player in the wearable tech market.
Financial Performance Highlights
- Total income grew from Rs 30 crore to Rs 107 crore
- Losses reduced from Rs 71 crore to Rs 39 crore
- Cost per rupee of revenue improved from Rs 3.37 to Rs 1.36
Cost Management and Funding
The company controlled expenditures strategically:
- Procurement costs increased 85% to Rs 38 crore
- Employee benefits remained flat
- Advertising costs were reduced by 38%
- Overall spending increased 44.6% to Rs 146 crore
To date, Ultrahuman has raised over $60 million, including a $35 million Series B round led by Deepinder Goyal. Nexus Ventures remains the most significant external stakeholder with 17.26% ownership, while co-founders Mohit Kumar and Vatsal Singhal collectively own 28.9% of the company.
Future Challenges
Despite impressive growth, the startup faces challenges in a competitive market for smart rings and health wearables. Its heavy reliance on outsourced manufacturing introduces potential external risks that could impact future performance.