After posting over 15X revenue growth between FY22 and FY24, Bengaluru-based wearable tech startup Ultrahuman delivered yet another milestone in FY25 with a 5X year-on-year surge in revenue. For the fiscal year ending March 2025, the company not only scaled rapidly but also turned profitable for the first time.
Ultrahuman’s revenue from operations rose to ₹565 crore in FY25, up from ₹105 crore in FY24. Including other income from interest and mutual fund gains, the company’s overall income jumped 5.4X to ₹581 crore, compared to ₹108 crore in the previous year.
Ultrahuman positions itself as a self-quantification platform, offering:
Ring Air (its flagship smart ring),
M1 Live (glucose monitoring wearable), and
Blood Vision (advanced blood testing solution).
The Ring Air smart ring has become the company’s growth engine, contributing 91.3% of operating revenue, which expanded 9.5X to ₹516 crore in FY25. Subscription income increased 7.4% to ₹29 crore, while other operating revenue stood at ₹20 crore.
Ultrahuman has a holding entity in India along with four wholly-owned subsidiaries in the US, UK, and the Middle East. The US accounted for 61.4% of total revenue, followed by the Middle East (5.9%), UK (4.5%), and India (2.7%).
Retail sales also climbed significantly—35% in 2024 versus 20% in 2023, while D2C contributed 41%. Growth was supported by strong demand in emerging markets like Thailand, Hungary, and Germany, along with sustained momentum in the US, India, UAE, and the UK.
Procurement expenses: ₹95 crore
Employee benefits: ₹52 crore
Advertising, selling & distribution: ₹142 crore
Other overheads (job work, website maintenance, legal, spare parts, etc.): significant contributors
Total expenditure reached ₹535 crore in FY25. Despite the scale-up, tight cost management allowed Ultrahuman to swing into the black, reporting a profit of ₹73 crore, compared to a loss of ₹38 crore in FY24. Its ROCE stood at 12.9%, while EBITDA margin improved to 8.76%.
At the unit level, Ultrahuman spent ₹0.95 to earn ₹1 during FY25. As of March 2024, current assets stood at ₹544 crore, including ₹80 crore in cash and bank balances.
In its annual report, the company disclosed that on August 22, 2025, its wholly owned subsidiary Ultrahuman Healthcare Limited signed a share purchase agreement to acquire 100% of viO HealthTech Limited, strengthening its capabilities in women’s cycle and ovulation tracking for its smart rings.
Ultrahuman has raised over $60 million to date, including a $35 million Series B round led by Zomato founder and CEO Deepinder Goyal, alongside existing backers. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal jointly own 28.9% of the company.