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Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years

Wearable tech startup Ultrahuman scaled three-fold year-on-year to over Rs 100 crore during the fiscal year ended in March 2024. Moreover, the Deepinder Goyal-backed firm managed to reduce its losses by 45% in the same period.

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Kunal Manchanada
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Ultrahuman

Wearable tech startup Ultrahuman scaled three-fold year-on-year to over Rs 100 crore during the fiscal year ended in March 2024. Moreover, the Deepinder Goyal-backed firm managed to reduce its losses by 45% in the same period.

Ultrahuman's total income grew to Rs 107 crore in FY24 from Rs 30 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show.

Ultrahuman is a self-quantification platform that provides a smart ring called Ring Air, a glucose monitoring wearable M1 Live, and a blood testing product called Blood Vision, among others.

Ultrahuman recently launched its luxury Rare smart ring collection at the Consumer Electronics Show (CES) 2025, featuring 18-karat gold and platinum models priced up to $2,200. It is considered one of the most expensive smart rings in the world.

Ultrahuman

Income from the sale of smart rings accounted for 75% of the total revenue which stood at Rs 80 crore in FY24. The rest of the collections come from subscription income and other allied services for the Bengaluru-based company. The company also has two subsidiaries in UAE and London till FY24.

Moving to its cost front, its cost of procurement of rings and related materials was the largest cost center for Ultrahuman accounting for 26% of the overall expenditure which increased 85% to Rs 38 crore in FY23.

The company managed to keep the employee benefits flat and reduced its advertising cost by 38% during FY24. Its technology, freight, legal, software, server, and other overheads took the overall expenditure up by 44.6% to Rs 146 crore in FY24 from Rs 101 crore in FY23.

The 3X scale and controlled expenditure helped Ultrahuman to shrink its losses by 45% to Rs 39 crore in FY24, compared to 71 crore in FY23. On a per-unit basis, the company spent Rs 1.36 to earn Rs 1 in FY24, a significant improvement from Rs 3.37 in FY23.

Ultrahuman has raised over $60 million to date including its $35 million Series B round led by Deepinder Goyal and existing investors at a post-money valuation of $125 million. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 17.26% followed by Blume Ventures. Its co-founders Mohit Kumar and Vatsal Singhal cumulatively owned 28.9% of the company.

While the growth metrics seem inspired by its name, Ultrahuman still faces a formidable challenge of turning the corner in terms of profits.  Smart ring, glucose monitoring are all fiercely competitive categories where the best narrative will win finally. Whole hoping that your source manufacturer does not get the idea to jump into the ring itself. With the utter dependence on outsourcing manufacturing, the business will always face external risks that are difficult to predict. The time to rest for Ultrahuman it seems, will not be anytime soon.

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