Ultrahuman projects Rs 1,100 Cr revenue in FY26, eyes deeper international expansion

Wearable tech startup Ultrahuman expects to more than double its revenue to around Rs 1,100 crore in FY26, based on its current annualised run rate (ARR), founder Mohit Kumar told Entrackr in an interview. The company had clocked Rs 565 crore in revenue and Rs 73 crore profit after tax in FY25.

“FY26 will see a similar profit multiple, about 1.5X, even as we increase our investments in R&D and new facilities,” Kumar said. “The focus this year is on building long-term capability rather than short-term profitability.”

International markets to drive next phase of growth

Ultrahuman, which began its international journey with the US market, is now seeing strong traction across Europe, the UK, and Canada. “In the last six months, we’ve been pushing hard in the rest of the world markets. The above three markets are now at par with the US in terms of adoption,” Kumar said.

He added that the company has also acquired a firm in the UK to strengthen its presence. “We’ve been in the European market for over two and a half years and are already among the top-selling products in this category,” he said, noting that Ultrahuman’s global business is currently growing around 25% year-on-year.

Europe, however, remains a complex market to scale. “It’s fragmented, every region requires localization, different languages, and distribution setups,” Kumar explained. “The US, on the other hand, is centralized. If you work with top retailers like Amazon, Costco and Walmart, you’re covered. But you also have to be ready for intense competition, litigation, and strict pricing dynamics.”

Rings and Blood Vision power user growth

Ultrahuman currently serves over 5,00,000 users, adding nearly 70,000 new users monthly, and up to 100,000–120,000 during high seasons. According to Mohit, Ultrahuman Ring and Blood Vision products are driving the fastest growth.

“Rings are our best-selling product, followed by our CGM service,” Kumar said. “Interestingly, about 60–65% of our ring users are women as they find it aesthetic, and features like temperature tracking help with ovulation and fertility analysis.”

The CGM service, he added, has a 95% retention rate, and it is one of the most consistent revenue contributors.

Margins, subscriptions, and India expansion

The company’s gross margins vary across product lines: 55% for Rings, 32% for M1, and 29% for Ultrahuman Home. Subscriptions now contribute 16% of total revenue, with 75–80% renewal rates among paying customers.

India currently accounts for just 6% of overall revenue, though the share has doubled year-on-year. Ultrahuman plans to launch omnichannel retail in India by November, starting with Bengaluru, followed by Mumbai and Delhi.

Chasing a $10 billion global market

Ultrahuman is targeting a $10 billion global opportunity in health measurement devices. “The category today sells 200,000–300,000 devices a month,” Kumar said. “We aim to grow 5X in the next two years to reach 1.5–2 million devices monthly and capture 10% of that market.”

The company is also exploring new markets such as Thailand, Singapore, the Middle East, and Australia, which Kumar described as “strongly health-focused regions” with rising demand for premium fitness products.

For Indian startups eyeing global expansion, Kumar’s advice is blunt: “Before entering markets like the US, understand litigation, automation, distribution, and hiring: these four factors decide your survival. Competition in the West works differently. Beyond product, pricing, and quality, rivals use patents, regulation, and lobbying to edge you out.”

He believes certain categories offer strong potential overseas. “The organic food market is fragmented, with many products containing additives. There’s growing awareness in the West about raw and organic food and lifestyle products, creating room for Indian brands to make inroads into the US and other developed markets,” he said. Kumar added that Indian electronics makers like Atomberg, which have focused heavily on product innovation, could also find meaningful traction in the US.