Wearable tech startup Ultrahuman has seen a big rise in revenue, hitting $74.5 million (about ₹620 crore) in 2024. This great growth came from the firm’s latest yearly report and shows a rise from $12.9 million (₹107 crore) in 2023.
Big revenue rise
Ultrahuman’s main product, the Ring AIR, has played a big part in this win, bringing in 90% of the company’s cash at $67 million in 2024, compared to $7 million in 2023. The rest of the money came from other goods like PowerPlug/UltraHuman X and its range of products (M1, Home, and Blood Vision), which made $7.1 million.
The firm in Bengaluru also had its best month ever, with sales of $17.1 million in November 2024, showing high demand for its goods.
Better profit
Though Ultrahuman faced a loss of ₹39 crore for FY24, it made a profit before tax (PBT) of 11% and had an EBITDA margin of 8% in 2024. This solid cash flow and big revenue growth set the stage for more growth.
To keep up with more demand, Ultrahuman grew its Bengaluru UltraFactory by 15 times and set up a new place in Plano, Texas, to boost new ideas and improve the supply chain.
Natural growth plan
Significantly, Ultrahuman made this growth without spending on ads. The firm aimed for natural growth through direct sales and retail growth. Store sales made up 35% of total sales in 2024, up from 20% in 2023, while direct-to-consumer (D2C) sales stood strong at 41%.
The firm saw great growth in new markets like Thailand, Hungary, and Germany and did well in core areas like the US, India, UAE, and the UK.
Wider user base and new features
Ultrahuman has also seen more women use its products, going from 29% in 2023 to 44% in 2024. This rise came from features like Cycle Insights, Ovulation Tracking, and the new size 5 for the Ring AIR, making it more user-friendly for a larger group.
Supported by big investors
Ultrahuman has raised over $60 million in funding so far, with a $35 million Series B round led by Zomato’s Deepinder Goyal. Nexus Ventures has the largest outside share at 17.26%, while co-founders Mohit Kumar and Vatsal Singhal own 28.9% of the firm.
What’s next?
With a chance to hit over $100 million in revenue by 2025, Ultrahuman is on track for more growth. The rising trend of smart rings as a chic and easy choice instead of smartwatches hints at a large market chance.
As smart rings change, there is talk of their use in healthcare, which may reduce insurance costs for users sharing their health information. For Ultrahuman, with its strong base and new ideas, the future has many bright chances.
