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Wearable tech startup Ultrahuman has recorded a skyrocketing jump in its operating scale to $74.5 million (approximately Rs 620 crore) for calendar year 2024 or CY24, according to the company’s annual report disclosure.
This represents an almost six-fold increase in revenue compared to $12.9 million (approximately Rs 107 crore) in 2023 (CY23). The Bengaluru-based firm achieved a similar revenue figure for FY24. Based on current trends, Ultrahuman is likely to surpass the Rs 620 crore revenue mark in FY25.
While Ultrahuman closed FY24 with Rs 39 crore loss, the company posted 11% profit before tax (PBT) and an 8% EBITDA during the last calendar year (CY24), as per the report published by the firm.
Ultrahuman credited its growth to the flagship Ring AIR, which accounted for 90% of its revenue to $67 million in CY24, compared to $7 million in CY23. The rest of the income came from PowerPlug/ UltraHuman X and extended ecosystem (M1, Home, and Blood Vision) which recorded $2.8 million and $4.3 million revenue, respectively.
Moreover, the Nexus Ventures-backed company registered its highest-ever sale of $17.7 in November last year, as per the report.
To meet rising demand, Ultrahuman scaled its Bengaluru UltraFactory by 15X in 2024 and launched a new facility in Plano, Texas to boost innovation and supply chain efficiency.
Importantly, the Mohit Kumar-led company achieved this growth without any ad spend. As per the company, it targeted organic growth, direct sales, and retail expansion during the last year (2024).
The report added that its retail sales surged to 35% in 2024, up from 20% in 2023, while D2C remained strong at 41%. The growth was driven by strong performance in emerging markets such as Thailand, Hungary, and Germany, along with continued strength in core markets including the US, India, UAE, and the UK.
When it comes to gender demographics, women users grew to 44% of Ultrahuman’s base in 2024, up from 29% the previous year. This growth was steered by features like Cycle Insights, Ovulation Tracking, and the introduction of size 5 for the Ring AIR.
Ultrahuman has raised over $60 million, including a $35 million Series B round led by Zomato founder and chief executive Deepinder Goyal and existing investors. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal own 28.9% of the company.
With the possibility of breaking through the $100 million mark in CY2025 a real possibility, Ultrahuman is in a sweet spot now. While market wise breakups are not available on sales, the firm has a readymade market it seems, in smart watch users who need something less obtrusive. Smart rings perform the job, while missing the display unit. Something most users seem fine with. Smart rings are also well placed to be a cool accessory, going by the cases we have seen so far. Could smart rings become accurate, and relevant enough to make it as a prescribed device in some cases? Would your insurance premiums be lower for using and sharing your smart ring data?
Frankly, we won't rule that out over the next few years, and for firms like Ultrahuman that are close to building scale, experience and a sustainable business model, the next big opportunity is just round the corner it seems.