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Ultrahuman Secures $35 Million in Series B Funding to Boost Wearable Tech

Ultrahuman plans to utilize these funds to enhance manufacturing and advance health technology research, amidst a growth trajectory marked by increasing revenues and expansions into global markets.

Image Source: Ultrahuman
  • Ultrahuman secures $35 million in Series B funding from a group of investors including Blume Ventures and Steadview Capital, with $25 million in equity and $10 million in debt.
  • It aims to use the funds to enhance manufacturing and health technology research, amid a revenue increase to Rs 24 crore in FY23 from Rs 2 crore in FY21.
  • With a global retail presence in cities like London and Singapore, Ultrahuman balances its sales between retail, direct-to-consumer channels, and partnerships.

Ultrahuman, a startup specializing in wearable technology, has successfully raised $35 million in funding during its Series B round. This funding comes from a diverse group of investors, including Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Deepinder Goyal, the co-founder of Zomato.

Out of the total amount, $25 million was obtained through equity, while the remaining $10 million was in the form of debt.

With a strong focus on fitness and nutrition-tracking wearables, Ultrahuman plans to utilize these funds to expand its manufacturing capabilities and further its research in health-tracking technology. 

The company has experienced significant growth over time, with its revenue increasing from Rs 2 crore in FY21 to Rs 24 crore in FY23. However, during this period, its losses also grew from Rs 3 crore to Rs 57 crore, as reported by Tracxn, a private markets data provider.

Ultrahuman's expansion strategy has been driven by its presence in key cities such as London, Singapore, and Dubai. Currently, the company operates in 150 retail stores, showcasing its products to a wide customer base. 

Interestingly, the company's sales are evenly divided between retail and direct-to-consumer (D2C) channels, with each contributing 60 percent. The remaining sales come from e-commerce platforms and business-to-business partnerships.

Ultrahuman was founded by Mohit Kumar and Vatsal Singhal, who had previously co-founded Runnr. Later, Runnr merged with Zomato, further strengthening the team's expertise and experience in the industry.

With this recent funding, Ultrahuman is poised to continue its growth trajectory and make significant advancements in the wearable technology market.

Edited by Harshajit Sarmah