Ultrahuman Success Story: ₹565 Cr Smart Ring Brand

Ultrahuman turned its first-ever profit in FY25, ₹73 crore, on revenue that jumped 5X to ₹565 crore from ₹105 crore the year before. That same year, a US patent ruling banned its Ring Air from its single largest market. Both things are true at once, and neither is the full story on its own. This is how Mohit Kumar and Vatsal Singhal, who had already sold one company to Zomato, built a smart ring and health-tech brand that got big enough to become a legal target.

I think the profit number matters less than the timing of the ban. Ultrahuman didn't get knocked out by a rival that out-built it. It got knocked out by a patent Oura didn't even originally file.

Know more about Ultrahuman's Founders and Team, Startup Story, Business Model, Funding and Investors, Growth, Challenges, Competitors, and Future Plans ahead!

Ultrahuman - Company Highlights

Ultrahuman - Founders and Team

Mohit Kumar and Vatsal Singhal had already built and sold a company once before. In 2015 they co-founded Runnr, a food and grocery delivery startup, which Zomato acquired in 2017 for a reported $40 million. Inside Zomato, Kumar ran food delivery operations as COO while Singhal led product and engineering, scaling the logistics systems that moved Zomato's orders nationally.

The pivot to health tech came from an odd juxtaposition. Kumar was training at a martial arts camp in Thailand while Singhal, back in India, had gotten into CrossFit and started paying close attention to his own biomarkers. Kumar noticed non-diabetic athletes using glucose monitors, devices built for a completely different patient, and started wondering why a healthy person couldn't get the same real-time data about their own body. Ultrahuman was incorporated in 2019 to build exactly that, and it's still the clearest one-line description of what the company does today: real-time body data for people who aren't sick.

Ultrahuman - Startup Story

Ultrahuman started with continuous glucose monitoring for non-diabetics, a category that barely existed as a consumer product in India at the time, before expanding into the Ring Air smart ring, which tracks sleep, recovery and activity without a subscription fee, unlike its biggest rival. It later added Ultrahuman Home, an indoor air and environment monitor, and blood testing services, building out a fuller picture of a user's health rather than a single metric.

The company manufactures the Ring Air itself, on an automated line at its own Bengaluru facility, rather than outsourcing hardware production the way most Indian D2C hardware brands do. That decision to own manufacturing became more important than it looked at first. It is the same capability Ultrahuman later used to open UltraFactory, a US-based manufacturing facility with capacity for 200,000 rings a year, its answer to a US market it was just banned from selling into.

Ultrahuman - Business Model

Ultrahuman sells hardware, the Ring Air and the M1 continuous glucose monitor, paired with a companion app that turns raw biometric data into daily scores and recommendations. Unlike Oura, its main global competitor, Ultrahuman doesn't charge a recurring subscription for the app's core features, a deliberate wedge against a competitor whose business model depends on that recurring fee.

The US is Ultrahuman's largest market by a wide margin, at 61.4% of revenue, followed by the Middle East (5.9%), the UK (4.5%) and India (2.7%). That concentration is what made the 2025 US patent ban so damaging, and why owning US manufacturing now matters more than a cost-saving exercise.

Ultrahuman - Funding and Investors

Ultrahuman has raised roughly $163 million to date across 10 rounds from 46 investors, including Zomato founder Deepinder Goyal personally, who backed the Series B.

The Series C valued Ultrahuman at around $365 million, and included roughly $65 million in fresh equity plus $5 million in debt. Qualcomm's participation is notable beyond the cheque size. Qualcomm makes the chips inside wearables, and a chipmaker leading a ring maker's round signals it sees Ultrahuman's hardware, not just its app, as the differentiator worth backing, at a moment when most of the wearable category still competes mainly on software and subscription tiers rather than the silicon underneath.

Ultrahuman - Growth

Revenue from operations went from ₹105 crore in FY24 to ₹565 crore in FY25, a nearly 5X jump, while the company swung from a ₹38 crore loss to a ₹73 crore profit in the same year. Including other income, total revenue rose 5.4X to ₹581 crore. That's a clean turnaround.

Most wearable brands burn cash for years chasing scale, and Ultrahuman crossed from loss to meaningful profit in a single fiscal year, with subscription-adjacent services, not a mandatory subscription, but blood testing and premium app features, doing a growing share of the work.

Ultrahuman - Challenges

In August 2025, the US International Trade Commission ruled that Ultrahuman's ring hardware infringed a patent originally filed by a company called Motiv, later acquired by Proxy, and then acquired again by Oura in 2023. The ITC issued an exclusion order and a cease-and-desist, effectively banning Ultrahuman, and rival RingConn, from selling in the US, the market that generates 61% of Ultrahuman's revenue.

Ultrahuman didn't settle. It countersued Oura in the Delhi High Court the same month, arguing patent infringement of its own, and has continued building out US manufacturing capacity as if it expects to be selling there again. Whether that bet pays off depends on an appeal and a legal process outside the company's control, which makes this the rare growth story where the biggest open risk isn't the product or the market. It's a courtroom.

Ultrahuman - Competitors

Ultrahuman's main global rival is Oura, which has shipped more than 2.5 million rings worldwide and remains the most recognizable brand in the category, along with newer entrants like RingConn and Samsung's Galaxy Ring. Ultrahuman's pitch against all of them has been a lower price, no mandatory subscription, and hardware it manufactures itself rather than sources from a contract manufacturer.

Ultrahuman - Future Plans

Ultrahuman's near-term roadmap is really one plan with two halves: win back the US market through the courts or through UltraFactory's US-made rings sidestepping the ITC order, and keep pushing international share past its current India-heavy investor base but US-heavy revenue base. The Qualcomm relationship also points toward Ultrahuman building more compute into future hardware rather than staying a pure sensor-and-app company.

Conclusion

A profitable year and a market ban, in the same twelve months.

That contradiction is the real story. Ultrahuman built the financial case that health wearables can be a real, profitable business in India, not just a subsidized land grab, and then had its biggest market taken away by a patent dispute that has nothing to do with product quality. How it fights that legal battle probably matters more to Ultrahuman's next five years than anything in its product roadmap.

FAQs

Who founded Ultrahuman?

Ultrahuman was founded in 2019 by Mohit Kumar and Vatsal Singhal, who had previously co-founded Runnr, a food delivery startup acquired by Zomato in 2017.

What is Ultrahuman's revenue?

Ultrahuman's revenue from operations was ₹565 crore in FY25, up nearly 5X from ₹105 crore in FY24. The company posted its first-ever net profit of ₹73 crore in FY25, against a ₹38 crore loss in FY24.

Why was Ultrahuman banned in the US?

In August 2025, the US International Trade Commission ruled that Ultrahuman's ring hardware infringed a patent now owned by Oura, issuing an exclusion order that bars Ultrahuman from selling in the US, its largest market. Ultrahuman has countersued Oura in the Delhi High Court.

How much funding has Ultrahuman raised?

Ultrahuman has raised approximately $163 million across 10 rounds, including a $35 million Series B backed by Zomato founder Deepinder Goyal and a $70 million round led by Qualcomm Ventures at a $365 million valuation.