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

Metabolic health wearables: the Ring Air smart ring, M1 continuous glucose monitor, at-home blood testing (Blood Vision) and a home health sensor.

That consumers would choose a subscription-free ring over Oura and keep buying CGMs and blood tests, turning one device into a multi-device health platform.

$17.5M (Aug 2021) + $35M Series B (Mar 2024) + ₹100 Cr venture debt (Nov 2025)

Founded in 2019 in Bengaluru by ex-Zomato executives Mohit Kumar and Vatsal Singhal, who had sold their logistics startup Runnr to Zomato. They began with continuous glucose monitoring, launched their first smart ring in July 2022 and the slimmer Ring Air in June 2023.

Raised $17.5M in Aug 2021 and $35M in Mar 2024 from Blume, Steadview, Nexus, Alpha Wave and Zomato founder Deepinder Goyal. Expanded to 100+ markets, opened an 'UltraFactory' sized for $200M annual revenue and claimed company-level profitability; a metabolic-scoring study it ran appeared in Nature. In 2025 the US ITC found Ring Air infringed an Oura patent, threatening a US import ban from Oct 21; Ultrahuman redesigned the ring and resumed shipping.

FY25 (ended Mar 2025) revenue rose ~5x to ₹564.7 Cr with a first net profit of ₹71.5 Cr; Ring Air alone did ₹516 Cr. In Nov 2025 it raised ₹100 Cr in venture debt and was targeting a $100M+ equity round, still racing Oura with a redesigned US product.

Free tracking on the ring differentiated against Oura's paid membership at a moment of subscription fatigue.

Ring-to-CGM cross-sell jumped from 4% to ~20% of users, validating the multi-device funnel thesis.

Reaching profitability before raising growth capital let Ultrahuman scale on its own terms.

FY25's first profit on 5x revenue showed the model could compound, not just grow.

A subscription-free hardware wedge can beat a subscription incumbent if the device funnels users into higher-margin services — but patents make global expansion a legal fight, not just a sales one.

As of Nov 19, 2025, Ultrahuman was scaling: ₹100 Cr in venture debt from Alteria Capital, a $100M+ equity round in the works, and a redesigned Ring Air shipping again in the US after the ITC patent ruling. FY25 revenue was ₹564.7 Cr with a ₹71.5 Cr profit; the US drove most sales while India revenue actually fell 3% to ₹15.1 Cr. The company remains the second global smart-ring brand behind Oura, with expansion focused on the US, UK and Middle East.