Health monitoring device maker Ultrahuman raises $35 million in mix of equity and debt funding from existing investors

Ultrahuman, which sells wearable devices such as smart rings and services that help users track metabolic health, has raised a $35 million financing round in a mix of equity and debt.

The round was co-led by existing backers Blume Ventures, Steadview Capital and Nexus Venture Partners, Ultrahuman founder and chief executive Mohit Kumar told ET in an interaction.

Other existing investors like Alpha Wave Global and Zomato founder and chief executive Deepinder Goyal also participated in the round.


About $25 million of the funding came in equity, while the rest was raised in debt.

This brings Ultrashuman’s total fundraise so far to $65 million.


The funds will be used to increase manufacturing capacity and deepen research in the health-tracking space, the Bengaluru-based technology startup said in a statement.

Also read | Finnish wearables startup Oura sues Indian rival Ultrahuman for patent violations

It is looking to expand production of its flagship Ultrahuman Ring AIR smart ring from about 15,000 units per month to about 100,000 units by the end of FY26, Kumar said.

This expansion will translate into a revenue run rate of $20 million per month by the end of FY26, from the current $3 million, he added.

The firm is aiming to reach an annual revenue run rate (ARR) – that is, annualised revenue based on current monthly revenue – of $100 million by the end of calendar 2024.

“This funding round marks a step forward in our journey to dominate the smart rings space, bringing us closer to our goal of being the market leader,” Kumar said.

In January, Ultrahuman said it is witnessing a 20% month-on-month growth in revenue and is targeting to cross $50 million in ARR by March. Kumar had then told ETtech that the firm was clocking an ARR of about $31 million at the time.

The company had posted a loss of over $6 million (Rs 56 crore) at the earnings before interest, tax, depreciation and amortisation (Ebitda) level in fiscal 2023, on revenue of over $3 million (Rs 30 crore). The firm is on track to hit Rs 150 crore in revenue in FY24, while breaking even at an Ebitda level, Kumar said.

Ultrahuman’s products and services include continuous glucose monitoring (CGM) devices and software, smart rings and lately, blood testing. The firm is set to launch a home-based health monitoring product called the Ultrahuman Home soon, Kumar said.