Ultrahuman bets a no-subscription smart ring can unseat Oura; $35M raised, FY25 profit

Bengaluru's Ultrahuman was founded in 2019 by Mohit Kumar and Vatsal Singhal, two ex-Zomato operators who had already sold a logistics startup (Runnr) to Zomato. Their original product was metabolic health: a continuous glucose monitor (CGM) service that showed users how food and lifestyle moved their blood sugar. The company then extended the same 'quantify your body' thesis into a smart ring, launching the first Ultrahuman Ring in July 2022 and the slimmer Ring Air in June 2023.

The strategic bet was explicitly anti-Oura. Oura, the category leader, locked tracking insights behind a paid membership; Ultrahuman sold its ring outright with no subscription, priced it as a single purchase, and pushed into over 100 markets including Asia and the Nordics where no smart-ring leader existed. The ring was designed as a funnel, not a one-off: 20% of ring buyers also bought CGMs (up from 4% a year earlier), and the company added at-home blood testing (Blood Vision) and a home health sensor to feed the same app.

The model held up financially. In March 2024, with roughly $35M ARR and company-level profitability, Ultrahuman raised a $35M Series B from Blume, Steadview, Nexus, Alpha Wave and Zomato's Deepinder Goyal. In FY25 (ended March 2025), revenue jumped about 5x to ₹564.7 Cr with a first full-year net profit of ₹71.5 Cr, powered by ₹516 Cr in smart-ring sales — roughly ₹344 Cr of it from the US.

The biggest threat came from the incumbent it was chasing. The US International Trade Commission ruled that Ring Air infringed an Oura patent, putting a possible US import ban on the product from October 2025. Ultrahuman redesigned the ring, started production of the new model on September 10, 2025, and kept selling. In November 2025 it raised ₹100 Cr in venture debt from Alteria Capital while targeting a $100M+ equity round.