Health device and tech startup Ultrahuman is moving towards diversifying its revenue streams both from a geographies and products point of view, according to the company's co-founder.
“In the US, our non-ring category is growing very fast, as are the non-US geographies,” Mohit Kumar, also Ultrahuman's CEO, told Mint. “We're not dependant on one thing or solving just one problem.”
The company recently launched in Australia, Canada and Germany as it seeks diversify its business after the US International Trade Commission banned it last month from importing and selling its smart rings in the US, which accounts for 45-50% of its revenue. The ban was over an infringement of a patent owned by rival Oura.
Kumar said that three months after Ultrhuman's launch in Canada, the country accounts for 5% of its revenue. “Countries like Canada, Australia, Germany, and New Zealand are quick adoption markets because of their demographic similarity to the US.”
Diversifying revenues
Ultrahuman is also working on growing its product offerings as it doesn't want to be just known as a smart ring company. Apart from smart rings Ring AIR and Ring Rare, it also offers blood tests as well as a glucose monitoring patch the M1 CGM, and Home, a health device capable of monitoring environmental markers that impact health.
Apart from its smart rings, blood testing has turned out to be its fastest growing offering. Ultrahuman is also testing out adding new bio-markers to tests. “The education gap isn't too much because we need to just tell people why we need to test more markers and what to do with them. At the end of the day, its supplemental information on lifestyle changes,” said Kumar.
It's why Ultrahuman says it doesn't like to call itself a traditional health-tech company but more as a “self-quantification company”. It's also why the company is working on different form factors including patches as well as on-wrist devices that it will begin rolling out in the coming quarters. It declined comment on timelines.
On smart rings, however, Kumar said that Ultrahuman was working on its next ring that would solve for the patent dispute in the US and is slated for a release in Q1 of 2026. While its smart rings are still banned in the US, retailers holding inventory are permitted to sell them, with the company continiuing to provide support. “We don't expect any material impact on our FY26 numbers,” said Kumar.
The road ahead for Ultrahuman lies in parsing user data for insights that help users, an expert said. "I think the big evolution in the space will be how things move from different form factors to an overall ecosystem. Here, we might see a couple of apps doing that are doing real time analysis, maybe with an AI overlay that helps users understand their health better," said Tarun Pathak, research director at Counterpoint Research.
"For companies like Ultrahuman to maintain a competitive advantage, it's directly linked to how they are analysing and understanding user data to ensure they give consumers relevant and accurate information about their bodies and health," said Pathak.
Sales season ahead
As part of its geographical push, Ultrahuman has raised Rs100 crore in venture debt from Alteria Capital. The debt raise is also in part to tap the ongoing festive season in the West with sales like Black Friday and for Christmas coming up. “We want to shore up a little bit of extra capital before we raise another larger equity round,” Kumar said.
While Ultrahuman is an Indian company, in previous years the country's contribution to revenue hovered around 5%. However, it is expecting to close out this fiscal at 8-9% on account of a stronger offline push by tying up with retailers like Croma and Reliance.
Kumar said that an offline push in the country would be critical to converting users. That will include Ultrahuman-run stores and experience centres. However, he conceded that there was still more the company had to do if it wanted to hit its target of India contributing 25% of their overall revenue by 2030.
“I think we need to launch newer form factors, more accessible form factors, both from a price as well as a gender demographics perspective,” he said.