Ultrahuman, a wearable technology startup, tripled its revenue in the fiscal year that concluded in March 2024, reaching over Rs 100 crore. Additionally, during the same time frame, the company supported by Deepinder Goyal was able to cut its losses by 45%.
According to Ultrahuman's consolidated financial statements obtained from the Registrar of Companies, the company's total revenue increased from Rs 30 crore in FY23 to Rs 107 crore in FY24. Among other products, Ultrahuman is a self-quantification platform that offers a blood test called Blood Vision, a wearable glucose monitor called M1 Live, and a smart ring called Ring Air.
At the Consumer Electronics Show (CES) 2025, Ultrahuman unveiled its opulent Rare smart ring collection, which includes 18-karat gold and platinum. Furthermore, Ultrahuman unveiled its upscale Rare smart ring collection, which includes 18-karat gold and platinum models with prices as high as $2,200. It is regarded as one of the priciest smart rings available.
75 percent of the total revenue, or Rs 80 crore, in FY24 came from the sale of smart rings. The Bengaluru-based company's subscription revenue and other related services provide the remaining revenue. Until FY24, the company also has two subsidiaries in London and the United Arab Emirates. Regarding costs, Ultrahuman's largest cost center was the acquisition of rings and associated materials, which accounted for 26% of total expenses, increasing by 85% to Rs 38 crore in FY23.
In FY24, the business was able to cut its advertising expenses by 38% while maintaining flat employee benefits. From Rs 101crore in FY23 to Rs 146 crore in FY24, the total expenditure increased by 44.6% due to its technology, freight, legal, software, server, and other overheads.
Ultrahuman's losses decreased by 45% to Rs 39 crore in FY24 from Rs 71 crore in FY23 thanks to the 3X scale and cost control. The company made Rs 1 in FY24 after spending Rs 1.36 per unit, which is a considerable improvement over FY23's earnings of Rs 3.37.
At a post-money valuation of USD 125 million, Ultrahuman has raised more than $60 million so far, including its USD 35 million Series B round led by Deepinder Goyal and current investors. With 17.26% of the total, Nexus Ventures is the largest external stakeholder, followed by Blume Ventures, according to the startup data intelligence platform. Together, Mohit Kumar and Vatsal Singhal, the company's co-founders, held 28.9% of the business.
Even though its name appears to have inspired the growth metrics, Ultrahuman still has a difficult time turning a profit corner. The most compelling story will ultimately prevail in the highly competitive categories of glucose monitoring and smart rings. I sincerely hope your source manufacturer doesn't get the notion to enter the ring. Due to its complete reliance on manufacturing outsourcing, the company will always be exposed to unpredictable external risks. It appears that Ultrahuman will not be able to take a break anytime soon.
