Ultrahuman eyes new markets and products to de-risk revenue streams

Health device and technology startup Ultrahuman is moving towards diversifying its revenue streams in terms of both geographies and products, according to the company’s co-founder.

“Our non-ring category in the US is growing very fast, as are geographies outside the US,” said Mohit Kumar, CEO of Ultrahuman. Mint. “We are not committed to one thing or solving one problem.”

The company recently launched in Australia, Canada and Germany in a bid to diversify its business after the US International Trade Commission last month banned it from importing and selling its smart rings, which account for 45-50% of its revenue, in the US. The ban was due to infringement of a patent owned by rival Oura.

Three months after Ultrhuman launched in Canada, it accounted for 5% of the country’s revenue, Kumar said. “Countries such as Canada, Australia, Germany and New Zealand are rapidly adopting markets due to their demographic similarity to the United States.”

Diversification of income

Ultrahuman is also trying to grow its product offerings because it doesn’t want to be known as just a smart ring company. Along with the smart rings Ring AIR and Ring Rare, it also offers blood tests, the M1 CGM glucose monitoring patch, and Home, a health device that can monitor environmental markers that affect health.

Along with smart rings, blood testing has also become the fastest growing product. Ultrahuman is also experimenting with adding new biomarkers to the tests. “The education gap is not that much because we need to tell people why we need to test more markers and what we need to do with them. At the end of the day, there will be additional information on lifestyle changes,” Kumar said.

That’s why Ultrahuman likes to call itself less a traditional healthtech company and more of a “self-measurement company.” That’s why the company is working on different form factors, including patches as well as on-wrist devices that it will start shipping in the coming quarters. He declined to comment on timelines.

But on the subject of smart rings, Kumar said Ultrahuman is working on its next ring, which will resolve the patent dispute in the US, and is scheduled to be launched in the first quarter of 2026. Although smart rings are still banned in the US, retailers that stock them are allowed to sell them, and the company continues to provide support. “We do not expect any material impact on our FY26 numbers,” Kumar said.

Ultrahuman has raised Rs 100 billion in venture capital from Alteria Capital as part of its geographic push. The debt increase is partly due to ongoing sales in the West, such as Black Friday, and the upcoming Christmas season. “We want to raise some extra capital before doing another large equity round,” Kumar said.

Although Ultrahuman is an Indian company, its contribution to the country’s revenue in previous years was around 5%. However, it expects to close the current fiscal at 8-9% growth due to a stronger offline push by tie-up with retailers like Croma and Reliance.

An offline push in the country will be critical to converting users, Kumar said. This will include stores and experience centers operated by Ultrahuman. But he acknowledged that the company still has a lot to do if it wants to achieve its target of accounting for 25% of India’s total revenue by 2030.

“I think we need to introduce newer form factors, more accessible form factors, both in terms of price and gender demographics,” he said.