Bengaluru-based wearable startup Ultrahuman posted sensational FY25 results—5X revenue growth to ₹565 crore and a leap to profitability—on the back of its smart ring (Ring Air) taking center stage in the global health tech market. The company’s offerings now reach customers in the US, UK, EU, the Middle East, and several key emerging markets, marking Ultrahuman as one of India’s most dynamic consumer tech exports.
Financials of FY25 vs FY24
Here’s a detailed financial snapshot of Ultrahuman for FY25, formatted for clarity:
| Financial Metric | FY25 Value | FY24 Value | Growth/Notes |
|---|---|---|---|
| Revenue from Operations | ₹565 crore | ₹105 crore | 5X growth |
| Revenue from Smart Rings (Ring Air) | ₹516 crore | — | 91.3% of FY25 operating revenue |
| Subscription Income | ₹29 crore | — | 7.4% increase |
| Other Operating Revenue | ₹20 crore | — | |
| Total Income (including other income) | ₹581 crore | ₹108 crore | 5.4X growth |
| Procurement Expenses | ₹95 crore | — | |
| Employee Benefits | ₹52 crore | — | |
| Advertising, Selling & Distribution | ₹142 crore | — | |
| Total Expenditure | ₹535 crore | — | |
| Net Profit/Loss | ₹73 crore | -₹38 crore | First year of profitability |
| ROCE (Return on Capital Employed) | 12.9% | — | |
| EBITDA Margin | 8.76% | — | |
| Cost per Rupee Earned | ₹0.95 | — | Unit economics |
| Total Assets (March 2024) | ₹544 crore | — | |
| Cash & Bank Balances (March 2024) | ₹80 crore | — |
These numbers reflect a combination of revenue surge, smart-rings-led unit growth, disciplined cost control, and the company’s ability to turn profitable while scaling rapidly. Above financial data is verified by Entracker.
Funding Timeline and Investor Support
Ultrahuman’s breakneck growth has been financed by a robust mix of venture capital and debt. Its funding journey includes:
- Seed Stage (2021): Raised $7.5 million from Nexus Venture Partners and Blume Ventures.
- Series A (Oct 2022): $17.5 million led by Alpha Wave, Steadview Capital, Nexus, and Blume.
- Series B (Mar 2024): $35 million (mix of equity and debt), with participation from Blume Ventures, Steadview, Nexus Venture Partners, Alpha Wave Global, and prominent angels like Zomato CEO Deepinder Goyal. At this stage, Ultrahuman’s valuation jumped to ~$125 million, and its cumulative funding surpassed $65 million.
- 2025 Round (in progress): In advanced talks to raise $100–120 million led by WestBridge Capital, which could push the company’s valuation to $550–600 million. This round is targeted at fueling aggressive global expansion and R&D efforts.
Recent Products, Innovations, and Global Expansion
- Ring Air (Smart Ring): Flagship wearable designed for holistic health tracking—sleep, movement, HRV, temperature, and metabolism—comprising 91% of revenue in FY25.
- Ultrahuman Rare: Luxe version of its smart ring, featuring 18K gold and platinum variants for high-end consumers, launched at global events like CES with plans for retail rollout in New York, Milan, Dubai, and India.
- M1 Live and Blood Vision: Continuous glucose monitoring and blood biomarker tracking solutions, strengthening Ultrahuman’s reputation as a leader in “self-quantification”.
- Ultrahuman Home: Launched in June 2025 for $549, this device goes beyond wearables—tracking air quality, environmental light, noise, and other home health indicators to complement wearable data and address circadian health.
- Cycle & Ovulation Pro: Following the acquisition of viO HealthTech, Ultrahuman launched this best-in-class ovulation and cycle tracking plug-in, expanding its addressable market in reproductive health. The solution leverages the technology behind OvuSense™, with 90%+ accuracy and broad geographic rollout (USA, UK, EU, Australia, Canada).
- UltraFactory (Indiana): New US manufacturing unit for rapid scaling, reducing stockouts and improving delivery times, giving Ultrahuman an operational edge over overseas rivals.
International Presence and Geographical Revenue Split
- Global Footprint: Subsidiaries in the US, UK, and Middle East, with the US now providing 61% of revenue, and steady traction in the UK, UAE, Germany, Hungary, and Thailand.
- Retail vs. D2C: Retail sales rose to 35% in 2024 (from 20% in 2023) while direct-to-consumer was 41%, reflecting ultrafast adoption especially through channel partnerships in overseas markets.
Read this: SaaS Startup FinBox Secures $40 Mn Funding Led By WestBridge Capital
Rising Competition in the Smart Wearable and Ring Segment
- Key Rivals: Ultrahuman faces direct competition from global smart ring leaders like Oura (Finland/US), Motiv (US), McLear (UK), RingConn (China), and emerging Indian and Chinese brands.
- Patent Litigation: Highlighting its threat to established players, Oura (the global “unicorn” in smart rings) filed a patent suit against Ultrahuman in 2023. In retaliation, Ultrahuman filed a counter-infringement suit against Oura in Delhi High Court in August 2025, signaling the high-stakes IP and tech battle now unfolding in the category.
- Global Smart Ring Market: Set to explode from $0.3 billion in 2025 to $2.8 billion by 2035 (24%+ CAGR), with India and China amongst the fastest growing markets; US and UK see steady but lower growth, driven by fitness, sleep, fertility, and security applications.
Ultrahuman’s outsized growth—underpinned by substantial VC backing, relentless global expansion, diversification into reproductive and home health, and a willingness to contest tech leadership with international rivals—positions it at the vanguard of the next wave of wearable innovation from India.
