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.
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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.
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