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

• Ultrahuman secured $35 million in Series B funding from investors including Blume Ventures and Steadview Capital.
• The round comprised $25 million in equity and $10 million in debt.
• Ultrahuman planned to use the funds to expand its manufacturing capabilities and advance research in health-tracking technology.
• The company’s revenue increased from Rs 2 crore in FY21 to Rs 24 crore in FY23, while its losses grew from Rs 3 crore to Rs 57 crore.

Ultrahuman raises $35 million in Series B funding

Ultrahuman, a startup specializing in wearable technology, raised $35 million in Series B funding.

The round included Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Deepinder Goyal, the co-founder of Zomato.

Funding breakdown and planned use

Of the total funding, $25 million was obtained through equity, while the remaining $10 million came in the form of debt.

Ultrahuman focuses on fitness and nutrition-tracking wearables. The company planned to use the funds to expand its manufacturing capabilities and continue research in health-tracking technology.

Revenue and losses

Ultrahuman’s revenue increased from Rs 2 crore in FY21 to Rs 24 crore in FY23. During the same period, its losses grew from Rs 3 crore to Rs 57 crore, as reported by Tracxn, a private markets data provider.

Retail and distribution presence

Ultrahuman had a presence in London, Singapore, and Dubai, and operated in 150 retail stores.

The company’s sales were described as evenly divided between retail and direct-to-consumer (D2C) channels, with each contributing 60 percent. The remaining sales came from e-commerce platforms and business-to-business partnerships.

Founders

Ultrahuman was founded by Mohit Kumar and Vatsal Singhal, who had previously co-founded Runnr. Runnr later merged with Zomato.

The Series B funding gave Ultrahuman funds for manufacturing expansion and health-tracking technology research.