A Profitable Pivot in Health Tech

Bengaluru-based Ultrahuman, a trailblazer in self-quantification wearables, has scripted a remarkable turnaround in FY25 (ended March 2025), achieving its first profitable year amid a staggering 5X revenue explosion. Building on a 15X growth trajectory from FY22 to FY24, the company’s consolidated financials—reviewed by Entrackr—reveal operational revenue soaring to Rs 565 crore from Rs 105 crore in FY24, coupled with a net profit of Rs 73 crore against a Rs 38 crore loss the prior year. This fiscal feat not only validates Ultrahuman’s hardware-software synergy but also positions it as a beacon for India’s consumer tech startups navigating global competition.

Revenue Breakdown: Smart Rings Steal the Spotlight

Ultrahuman’s portfolio, anchored by its flagship Ring Air smart ring, continuous glucose monitor M1 Live, and at-home blood testing tool Blood Vision, drove diversified yet focused growth. The smart ring category dominated, accounting for 91.3% of operating revenue and surging 9.5X to Rs 516 crore. Subscriptions, a key recurring revenue stream, climbed 7.4% to Rs 29 crore, while ancillary operating income reached Rs 20 crore. Total income, including interest and mutual fund gains, ballooned 5.4X to Rs 581 crore.

Revenue Stream	FY24 (Rs Cr)	FY25 (Rs Cr)	YoY Growth
Smart Rings	54.3	516	9.5X
Subscriptions	27	29	7.4%
Other Operating Revenue	N/A	20	N/A
Total Operating Revenue	105	565	5X
Total Income (incl. Other)	108	581	5.4X

This table underscores the smart ring’s pivotal role, with subscriptions hinting at a maturing ecosystem primed for software-led scalability.

Global Footprint: US Leads, Emerging Markets Accelerate

Ultrahuman’s international expansion, supported by subsidiaries in the US, UK, and Middle East, has diversified its market reliance. The US commands 61.4% of revenue, followed by the Middle East (5.9%), UK (4.5%), and India (2.7%). Retail penetration rose to 35% in 2024 from 20% in 2023, with direct-to-consumer (D2C) sales at 41%. Momentum in nascent markets like Thailand, Hungary, and Germany, alongside core strongholds in the US, UAE, India, and UK, fueled this geographic breadth.

Market	Revenue Share (%)
US	61.4
Middle East	5.9
UK	4.5
India	2.7
Others	25.5

Cost Discipline: Fueling the Profit Engine

Strategic cost management was the linchpin of Ultrahuman’s profitability. Procurement costs hit Rs 95 crore, employee expenses Rs 52 crore, and marketing/distribution outlays Rs 142 crore. Miscellaneous overheads, including job work, legal fees, and website upkeep, elevated total expenses to Rs 535 crore. Yet, a lean approach—bolstered by in-house manufacturing—yielded an EBITDA margin of 8.76% and ROCE of 12.9%, with unit economics at Re 0.95 per rupee earned. Current assets swelled to Rs 544 crore, including Rs 80 crore in cash reserves, providing ample runway for innovation.

Key Expense Category	FY25 (Rs Cr)
Procurement of Materials	95
Employee Benefits	52
Advertising & Distribution	142
Other Overheads	246
Total Expenses	535

Strategic Moves: Acquisitions and Investor Backing

In a bid to enhance its women’s health offerings, Ultrahuman’s subsidiary acquired viO HealthTech Limited on August 22, 2025, integrating advanced cycle and ovulation tracking into its smart rings. Backed by over $60 million in funding—including a $35 million Series B led by Zomato’s Deepinder Goyal and Nexus Ventures (17.26% stake)—co-founders Mohit Kumar and Vatsal Singhal retain 28.9% ownership. Blume Ventures follows as a key backer. This capital war chest, per CEO Kumar, prioritizes sustained profitability and R&D for ventures like the Ultrahuman Home environmental monitor.

Visualizing Growth: A Trajectory of Triumph

Ultrahuman’s revenue evolution paints a vivid picture of exponential scaling. From FY22’s modest base, the company has compounded growth through product innovation and market savvy. Below is a simplified bar chart representation (ASCII for clarity; in a full platform, this would render as an interactive graph):

Profit Flip: From -Rs 38 Cr (FY24) to +Rs 73 Cr (FY25), a 292% swing, highlighting operational maturity.

The Road Ahead: From Startup to Global Powerhouse

Ultrahuman’s FY25 success story transcends numbers—it embodies India’s rising clout in health tech, challenging incumbents like Oura amid patent tussles while prioritizing lean growth. With eyes on unicorn status and a potential 2026 IPO, the firm’s blend of hardware prowess and subscription stickiness promises to democratize metabolic health tracking worldwide. For India’s entrepreneurial ecosystem, Ultrahuman exemplifies how disciplined execution can turn vision into viable, profitable reality.