In the financial year ending March 2025, Ultrahuman posted its first-ever annual profit: Rs 73 crore ($7.6 million) on revenue of Rs 565 crore ($58.9 million at $1 ≈ Rs 96.0), a fivefold jump from the year before. It happened in the same twelve months that the United States — the market generating close to half its sales — moved to ban the import of the company’s flagship smart ring.
The Bengaluru-based maker of the Ring AIR and the M1 glucose monitor had spent five years losing money to build a metabolic-health business around a piece of jewellery. Then, weeks after it turned the corner, a US patent ruling threatened to take its biggest market away. This is the story of how a fitness app that pivoted to hardware became India’s best-known wearable export, and how it is trying to out-engineer a legal setback it did not choose.
Quick facts
| Company | Ultrahuman (Ultrahuman Healthcare Private Limited) |
| Founded | 2019, Bengaluru |
| Founder(s) | Mohit Kumar (CEO) and Vatsal Singhal |
| Businesses | Smart rings (Ring AIR, Ring PRO), continuous glucose monitoring (M1), at-home blood testing (Blood Vision), subscription software (PowerPlugs) |
| Latest FY revenue | Rs 565 crore ($58.9 million), revenue from operations, FY25 (year ended March 2025) |
| Latest FY profit/loss | Rs 73 crore net profit, FY25 — first profitable year |
| Listed | Private; company has said an IPO is unlikely before 2028 |
| Market value / last valuation | $365 million (reported), Series C, September 2026 |
| Key shareholders / CEO | Mohit Kumar (co-founder & CEO); investors include Qualcomm Ventures, Alpha Wave, Blume Ventures, Nexus Venture Partners, Steadview Capital and Labcorp |
What they do
Ultrahuman sells wearable and at-home diagnostic devices that turn sleep, activity, blood sugar and blood chemistry into daily scores and recommendations, targeting consumers who already track their fitness and are willing to pay a subscription on top of the hardware. The company’s own reporting shows where the weight actually sits: smart rings alone made up 91.3% of FY25 operating revenue, with subscriptions and other services making up the rest (as per Entrackr’s review of Ultrahuman’s FY25 financial filing, September 2025).
- Ring AIR and Ring PRO — sleep, recovery, temperature and activity tracking smart rings; Ring PRO launched February 2026 at $479 with up to 15 days of battery life (TechCrunch, 27 February 2026)
- Ultrahuman M1 — a continuous glucose monitor (CGM) for non-diabetics, launched internationally in June 2021 (Wikipedia, accessed September 2026)
- Blood Vision — an at-home blood-testing service, rolled out across 48 US states from July 2025 (Wikipedia, accessed September 2026)
- Ultrahuman Home — an indoor air and environment monitor, launched June 2025 (Wikipedia, accessed September 2026)
- PowerPlugs — paid software modules such as Cycle & Ovulation Pro and AFib detection, layered on top of the ring (company press release, cyborg.ultrahuman.com)
The origin
Mohit Kumar and Vatsal Singhal had known each other for roughly sixteen years by the time they started Ultrahuman in 2019. Their previous venture was a logistics startup that they built and eventually sold to Zomato, giving them a taste of scaling operations before either had built a health product (Wikipedia, accessed September 2026).
The idea for Ultrahuman traces to a martial-arts camp in Thailand, where Kumar was training in Muay Thai and found himself paying closer attention to the data around his performance — heart rate, recovery, sleep — than to the training itself. That observation hardened into the company’s founding question, repeated in its own materials since: why do people understand their phones better than they understand their own bodies (Fitt Insider; Wikipedia, accessed September 2026)? Ultrahuman started as a software product, an app meant to unify fitness and sleep tracking across existing wearables, before the company concluded that software alone could not deliver the accuracy it wanted and moved into building its own hardware.
The struggle years
The pivot from app to hardware was not a clean one. Ultrahuman’s own app launched at CES in Los Angeles in January 2021, more than a year after incorporation, and the company’s first hardware product, the M1 continuous glucose monitor, followed only in June 2021 (Wikipedia, accessed September 2026). Building and shipping a regulated medical-adjacent device from a two-year-old Bengaluru startup meant the unit economics were ugly for years afterward: in FY23, Ultrahuman lost Rs 71 crore on just Rs 30 crore of revenue — spending roughly Rs 3.37 to earn every rupee — a loss ratio that would have sunk a company without patient venture backing (Entrackr, January 2025).
The CGM business also ran into a slower, quieter setback: regulatory delay in its largest addressable market. Ultrahuman launched the M1 in the UK, the Netherlands and India in June 2021, but did not get the device into the US, the world’s biggest wellness-tech market, until February 2024 — a gap of close to three years in which competitors could establish themselves with American consumers and clinicians (TechRadar; Wikipedia, accessed September 2026).
The most recent and most damaging setback arrived just as the company turned profitable. On 21 October 2025, an exclusion order from the US International Trade Commission took effect, barring new imports of the Ring AIR into the United States after the ITC found Ultrahuman had infringed a component-arrangement patent held by rival Oura (Businesswire, September 2025; Gadgets and Wearables, 22 October 2025). The US had accounted for close to 45% of Ultrahuman’s roughly 700,000 daily active users worldwide at the time, making it by far the company’s largest market (TechCrunch, 27 February 2026).
The turning point
If there is a single event that turned Ultrahuman from a niche glucose-monitoring company into a wearables business with a real shot at scale, it was the decision to get into smart rings at all. The company acquired LazyCo, a wearables IoT outfit with smart-ring technology, in April 2022, and shipped its first Ultrahuman Ring three months later, in July 2022 (Wikipedia, accessed September 2026). Before that acquisition, Ultrahuman was a single-product CGM company competing in a category most consumers had never heard of; its entire FY23 revenue, mostly from that CGM business plus the very first ring sales, was Rs 30 crore.
By FY25, smart rings alone brought in Rs 516 crore — more than seventeen times the company’s total revenue just two years earlier — and made up 91.3% of Ultrahuman’s operating revenue (Entrackr, September 2025). A bet on a form factor that did not exist in the company’s product line before mid-2022 had, within three fiscal years, become almost the entire business.
The money behind it
Ultrahuman has raised more than $130 million across four disclosed institutional rounds since 2020, moving from early-stage Indian VCs to a corporate strategic investor as the product line matured:
- Seed, 2020: $7.5 million from Nexus Venture Partners and Blume Ventures (Inc42; Clay funding dossier)
- $17.5 million round, August 2021: led by Alpha Wave Incubation with Steadview Capital, Nexus Venture Partners, Blume Ventures and Utsav Somani’s iSeed fund, plus angel participation from Tiger Global’s Scott Schleifer, Kunal Shah, Deepinder Goyal and other founders. Ultrahuman’s own blog calls this a Series A; contemporaneous coverage from Business Standard and FinSMEs labelled it Series B (Business Standard, 17 August 2021; FinSMEs, August 2021)
- Series B, March 2024: $35 million in equity and debt from Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and a personal investment from Zomato founder Deepinder Goyal, used to fund a new Bengaluru manufacturing line and health research (Entrackr, March 2024; TechCrunch, 20 March 2024)
- Series C, September 2026: $70 million ($65 million equity, $5 million debt) led by Qualcomm Ventures, with Labcorp, Alpha Wave, Blume Ventures, Nexus Venture Partners and Alteria Capital participating, reportedly valuing the company at $365 million — about three times its roughly $120 million valuation in 2023 (Pulse2, 4 September 2026; TechCrunch, 3 September 2026)
Qualcomm’s participation changed the nature of the relationship from purely financial to strategic: the two companies are jointly developing a ring built around Qualcomm silicon so more computation can run on the device itself rather than on a paired phone (TechCrunch, 3 September 2026).
How it makes money
Ultrahuman is, first and foremost, a hardware company that is trying to build a subscription business on top of the hardware.
- Smart ring sales — Rs 516 crore, 91.3% of FY25 operating revenue, growing 9.5 times year-on-year on the back of the Ring AIR and, from early 2026, the Ring PRO (Entrackr, September 2025; company press release)
- Subscriptions (PowerPlugs) — Rs 29 crore in FY25, roughly 5% of revenue but described by the company as disproportionately profitable; about 12% of the ring user base had adopted a paid PowerPlug as of September 2026 (Entrackr, September 2025; TechCrunch, 3 September 2026)
- Other operating revenue — Rs 20 crore in FY25, including CGM sensor sales and Blood Vision testing (Entrackr, September 2025)
The cost side tells the real turnaround story. Ultrahuman’s cost-to-earn ratio — how many rupees it spent to bring in one rupee of revenue — fell from Rs 3.37 in FY23, to Rs 1.36 in FY24, to Re 0.95 in FY25, alongside an EBITDA margin of 8.76% and return on capital employed of 12.9% in FY25 (Entrackr, January 2025; Entrackr, September 2025). The part most outside observers get wrong is treating Ultrahuman as a one-time hardware sale: roughly 20% of ring owners also buy a CGM sensor, and those customers reorder it four to five times a year, while the company’s own FY25 results release is explicitly framed around what it calls a “subscription engine” rather than ring unit sales (TechCrunch, 20 March 2024; company press release, cyborg.ultrahuman.com).
The numbers
| Fiscal year (ended March) | Revenue (Rs crore) | Net profit / (loss) (Rs crore) |
| FY23 | 30 | (71) |
| FY24 | 105 (revenue from operations) | (38) |
| FY25 | 565 (revenue from operations) | 73 |
Figures are as filed and reported by Entrackr from Ultrahuman’s financial statements (January 2025; September 2025). FY25 total income, including other income from interest and mutual-fund gains, was Rs 581 crore against total expenditure of Rs 535 crore — made up largely of Rs 142 crore in advertising, selling and distribution costs, Rs 95 crore in procurement, and Rs 52 crore in employee benefits (Entrackr, September 2025).
Where the money comes from
Two different snapshots of Ultrahuman’s geography show how much the Oura ruling reshaped the business inside a single year.
- FY24 filing (year ended March 2024): the United States alone made up 61.4% of revenue, followed by the Middle East at 5.9%, the UK at 4.5% and India at just 2.7% (Entrackr, January 2025)
- Quarter reported in September 2026, after the US import ban: the US share of revenue had fallen to roughly 45%, while India’s share had risen to about 11% (TechCrunch, 3 September 2026)
The surprise is not that the US matters most — it is how quickly a single regulatory ruling reshuffled a revenue mix that had barely changed in the company’s first four years, pushing India from an afterthought market toward a genuine second leg of the business.
The risks
- Ongoing patent litigation with Oura. The October 2025 ITC exclusion order blocked new Ring AIR imports into the US; Ultrahuman has appealed and separately filed its own infringement suit against Oura in the Delhi High Court in August 2025, which remained pending as of the ITC ruling coverage (Law360; Gadgets and Wearables, 26 October 2025). A further adverse ruling, including on the redesigned Ring PRO, could reopen the same hole in US revenue.
- Margin pressure from the fight itself. Even after turning profitable, Ultrahuman has said margins are likely to narrow because of litigation costs, tariffs on imported components, and the expense of redesigning the ring to work around Oura’s patent (TechCrunch, 27 February 2026).
- A dominant, well-capitalised category leader. Oura controlled roughly three-quarters of global smart-ring shipments in the first half of 2025 by one estimate, versus Ultrahuman’s high single digits over the same period (Omdia/Counterpoint estimates cited via Webull, November 2025); a separate IDC-based estimate put Ultrahuman closer to 25% of global share in the third quarter of 2025, with Oura still ahead at roughly two-thirds (TechCrunch, 27 February 2026 and 3 September 2026). Either way, Oura remains the clear leader Ultrahuman has to unseat, and Samsung’s Galaxy Ring gives the category a second large, well-funded competitor.
The takeaway
The lesson in Ultrahuman’s numbers is not that hardware startups should chase profitability early, though the company’s falling cost-to-earn ratio suggests that discipline compounds quietly for years before it shows up as a headline profit. It is that the discipline has to arrive before the shock, not after it. Ultrahuman spent three fiscal years driving down what it cost to earn a rupee of revenue, from Rs 3.37 to under Re 1, well before an ITC ruling threatened to remove close to half its user base overnight. A company that had reached profitability by cutting corners rather than genuinely improving its unit economics would have had far less room to absorb a regulatory shock of that size. Durable margins, built early, are what let a company survive the setback it cannot control.
Frequently asked questions
What does Ultrahuman actually sell?
Its core products are the Ring AIR and Ring PRO smart rings for sleep, recovery and activity tracking, the M1 continuous glucose monitor, an at-home blood-testing service called Blood Vision, and paid software add-ons called PowerPlugs. Smart rings made up 91.3% of FY25 operating revenue (Entrackr, September 2025).
Who founded Ultrahuman, and when?
Mohit Kumar and Vatsal Singhal founded Ultrahuman in 2019 in Bengaluru, after previously building and selling a logistics startup to Zomato. Kumar remains CEO (Wikipedia, accessed September 2026).
Is Ultrahuman profitable?
Yes, for the first time in FY25 (year ended March 2025), when it reported a net profit of Rs 73 crore on revenue of Rs 565 crore, after losses of Rs 38 crore in FY24 and Rs 71 crore in FY23 (Entrackr, September 2025; January 2025).
Why was the Ultrahuman Ring AIR banned from the US?
The US International Trade Commission ruled that Ultrahuman’s ring infringed a patent held by Oura covering the internal arrangement of ring components, and its exclusion order took effect on 21 October 2025, blocking new imports into the US. Ultrahuman has appealed and launched a redesigned Ring PRO aimed at working around the disputed patent (Businesswire, September 2025; Gadgets and Wearables, 22 October 2025; TechCrunch, 27 February 2026).
How much has Ultrahuman raised, and what is it worth?
The company has raised more than $130 million across a 2020 seed round and three subsequent rounds, and was valued at a reported $365 million after a $70 million round led by Qualcomm Ventures in September 2026, up from a roughly $120 million valuation in 2023 (Pulse2, 4 September 2026; TechCrunch, 3 September 2026).
Sources
Figures are as of September 2026. Currency converted at $1 ≈ Rs 96.0 as of 18 September 2026 (Trading Economics).
- Wikipedia, “Ultrahuman” entry, accessed September 2026
- Entrackr, “Ultrahuman reports Rs 565 Cr revenue and Rs 73 Cr profit in FY25”, September 2025
- Entrackr, “Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years”, January 2025
- Entrackr, “Ultrahuman raises $35 Mn in Series B round”, March 2024
- Ultrahuman press release, “Ultrahuman Delivers Record FY25 Profits as Subscription Engine Accelerates”, cyborg.ultrahuman.com
- TechCrunch, “Smart ring maker Ultrahuman has its eye on Oura’s crown”, 20 March 2024
- TechCrunch, “Ultrahuman unveils new smart ring as it awaits US clearance after Oura dispute”, 27 February 2026
- TechCrunch, “Qualcomm backs Ultrahuman in $70M round on bet to turn smart rings into computers”, 3 September 2026
- Pulse2, “Ultrahuman Raises $70 Million At Reported $365 Million Valuation With Backing From Qualcomm Ventures”, 4 September 2026
- Business Standard, “Healthtech startup Ultrahuman raises $17.5m in Series B funding round”, 17 August 2021
- FinSMEs, “Ultrahuman Raises $17.5M in Series B Funding”, August 2021
- Businesswire, “U.S. International Trade Commission Rules in Favor of URA in Patent Case Against Ultrahuman and RingConn”, September 2025
- Gadgets and Wearables, “Ultrahuman confirms support and new ring after ITC ruling”, 22 October 2025
- Gadgets and Wearables, “Ultrahuman files appeal following US import restriction”, 26 October 2025
- Law360, “Ultrahuman Loses Bids To Halt ITC Order In Oura Patent Case”
- Webull (citing Omdia data), global smart ring shipment share commentary, November 2025
- Fitt Insider, “Mohit Kumar, Founder & CEO of Ultrahuman”
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