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Ultrahuman raises $35 Mn in Series B round
Entrackr
·
1y ago
Medial
Wearable tech startup Ultrahuman has raised $35 million in a mix of debt and equity in its Series B round from Blume Ventures, Steadview Capital, Nexus Venture Partners, and Alpha Wave. The fresh investment also saw participation from Zomato’s founder and chief executive Deepinder Goyal. Post this, Ultrahuman has secured around a total of $60 million, including the $17.5 million Series A financing led by Alpha Wave in 2021. Entrackr had exclusively reported the fundraise then. Ultrahuman will use the fresh proceeds to build further manufacturing capacity and deeper research in health tracking, the company said in a press release. Started by Mohit Kumar and Vatsal Singhal, Ultrahuman is a self-quantification platform that provides smart ring called Ring Air, glucose monitoring wearable M1 Live, and blood testing product called Blood Vision, among others. For the uninitiated, Kumar and Singhal were also co-founders of Runnr, which later merged with Zomato in September 2017. According to Ultrahuman, it became the second-largest player in the smart ring market while maintaining profitability in the last 12 months. The company also grew rapidly and expanded into over 150 retail outlets worldwide, including locations like London’s Selfridges on Oxford Street, Changi airport in Singapore, and the Virgin megastore in Dubai. Ultrahuman registered a fourfold growth to Rs 30 crore in FY23 from Rs 7.38 crore in FY22. According to the startup data intelligence platform TheKredible, the firm witnessed a 20.3% increase in its losses to Rs 71 crore in the same period. As of Series A round, Nexus was the largest external stakeholder in Ultrahuman with 20.12% shares followed by Alpha Wave and Blume with 11.14% and 8.89% stakes, respectively. Its co-founders Mohit Kumar and Vatsal Sinhgal hold 38.27% of the company. Check TheKredible for more details. Globally, Ultrahuman competes with the likes of Levels Health, Super Sapiens and Oura.
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Related News
Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring
Inc42
·
1y ago
Medial
Bengaluru-based fitness and healthtech platform, Ultrahuman, has raised $35 million in a mix of debt and equity funding in a Series B round. The funding round included participation from investors such as Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave, and Zomato founder Deepinder Goyal. Ultrahuman plans to use the funds to expand its manufacturing capacity and conduct further research in the health tracking space. The startup offers health tracking and monitoring devices, including fitness rings, and aims to become the market leader in the smart rings space. Ultrahuman also provides a subscription-based fitness platform for better data monitoring and offers a range of workout content.
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Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn
Entrackr
·
1y ago
Medial
Wearable tech startup Ultrahuman had raised $35 million in a mix of debt and equity in its Series B round led by Deepinder Goyal and existing investors Blume Ventures, Steadview Capital, Nexus VP, and Alpha Wave. While the company didn’t disclose about Goyal leading the round, Entrackr has decoded his investment along with others including Ultrahuman’s cap table and valuation through its regulatory filings. The board at Ultrahuman passed a special resolution to allot 6,979 Series B CCPS at an issue price of Rs 3,00,170 each to raise Rs 209.4 crore or $25 million, its regulatory filing accessed from the Registrar of Companies shows. Zomato’s co-founder Goyal led the round with Rs 83 crore while Alpha Wave and Blume Ventures infused Rs 66.34 crore and 29.86 crore, respectively. Nexus Venture Partners, Steadview Capital, and Panthera Capital participated with Rs 12.42 crore, Rs 13.77 crore, and Rs 4.14 crore. At the time of announcement, Ultrahuman said that the Series B round consisted of $25 million equity and $10 million debt. It’s worth noting that Ultrahuman’s co-founders Mohit Kumar and Vatsal Singhal sold their first startup Runnr to Zomato in September 2017. Zomato leveraged Runnr which merged with Mumbai-based TinyOwl to raise its own delivery fleet. Ultrahuman has raised over $60 million, including $35 million in Series B and $17.5 million in Series A in October 2022. As per TheKredible estimates, the company has been valued at around Rs 1,039 crore or $125 million (post-allotment of Series B round). Following the fresh proceeds, Nexus emerged as the largest external stakeholder with 17.26% followed by Alpha Wave’s 14.8% stake. Goyal holds 8.58% of the company. The company also has an ESOP pool of around 10.84% Head to TheKredible for the complete shareholding pattern. Ultrahuman is a self-quantification platform that provides a smart ring called Ring Air, a glucose monitoring wearable M1 Live, and a blood testing product called Blood Vision, among others. Ultrahuman demonstrated impressive financial performance in FY23 and its operating revenue flew 4X to Rs 30 crore. At the same time, the company’s losses grew only 21.4% to Rs 71 crore during the same period. Levels Health, Super Sapiens and Oura are the global peers of Ultrahuman.
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Ultrahuman in talks to raise $120 Mn
Entrackr
·
3m ago
Medial
Ultrahuman is reportedly in talks to raise $120 million in a new round led by WestBridge Capital. The development comes a year after the Bengaluru-based company’s $35 million Series B round. Moneycontrol, which reported the development first, said that some private equity funds may also participate in the round at a valuation of $550–600 million. According to TheKredible's estimates, the company was valued at $125 million after its Series B round. It has raised over $60 million to date from investors including Zomato founder and chief executive Deepinder Goyal, Nexus Ventures, Blume Ventures, and Alpha Wave. Ultrahuman is a self-quantification platform that offers a smart ring called Ring Air, a glucose monitoring wearable called M1 Live, and a blood testing product called Blood Vision, among others. The company also launched its luxury Rare smart ring collection earlier this year. The Mohit Kumar-led company recorded a significant jump in its operating scale to $74.5 million (approximately Rs 620 crore) for the calendar year 2024 (CY24). It claimed to have reported an 11% profit before tax (PBT) and an 8% EBITDA during the same period.
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Smart ring maker Ultrahuman has its eye on Oura's crown
TechCrunch
·
1y ago
Medial
Indian smart ring startup Ultrahuman has raised $35m in a series B funding round comprising equity and debt. Founder Mohit Kumar hopes to take the company to the top spot, currently occupied by Finnish rival Oura, within 12 to 15 months. Ultrahuman aims to cross $100m in annual revenue by the end of 2024 and already boasts profitability at a company level. The funds will be used to accelerate growth in key markets, including the US and Asia, and to expand the company's range of health-tracking devices.
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Peak XV-backed Bright Money raises $62 Mn
Entrackr
·
1y ago
Medial
Bright Money, a Bengaluru and San Francisco-based consumer fintech startup, has raised $62 million in a Series B funding round. The round consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money offers debt management solutions and aims to reshape global retail banking using big data and AI. The funding will help the company cater to millennials, particularly in the US, and expand its product offerings. Bright Money previously raised $31 million in a Series A round in September 2021.
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Physician engagement startup Doceree raises $35 million led by Creaegis
Economic Times
·
1y ago
Medial
Physician engagement startup, Doceree, has secured $35 million in a Series B funding round led by Creaegis. The funding will be used to accelerate product development, enhance technologies, expand global operations, and grow the team. Doceree helps pharmaceutical and life-sciences companies and healthcare media agencies reach healthcare professionals through programmatic messaging on their networks and digital workflows.
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Tiger Global-backed Battery Smart raises $33 Mn in pre Series B
Entrackr
·
2y ago
Medial
Battery swapping network Battery Smart has raised $33 million in a pre-Series B funding round. The round saw participation from the startup’s existing investors Tiger Global and Blume Ventures and new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
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Healthcare-focused SaaS unicorn Innovacer raises $275 mn in Series F
VCCircle
·
7m ago
Medial
Innovacer, a healthcare-focused SaaS unicorn, raised $275 million in Series F funding from investors including Tiger Global, B Capital Group, and Microsoft’s M12. About 35% is secondary capital for early investor exits. Founded in 2014, Innovacer's platform integrates healthcare data, providing unified patient records. The funds will enhance AI capabilities and scale the developer ecosystem. Innovacer, growing over 50% annually, previously raised $675 million across multiple funding rounds.
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Education-focused lending startup Propelld raises $25 million debt
Inshorts
·
1y ago
Medial
Education-focused lending fintech startup Propelld has raised $25 million in debt for its wholly-owned non-banking financial company (NBFC) Edgro Finance. The debt was led by nine lenders, including Credit Saison India Private Limited, AU Small Finance Bank, InCred Financial Services Limited and Northern Arc Capital Limited. Prior to this, the startup raised $35 million in a Series B round.
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Decoding GenAI Startup Invideo’s Explosive $30 Mn Revenue Run, 4X User Growth
Inc42
·
1y ago
Medial
Invideo, an AI video creation platform, aims to generate $30 million in annual revenues by the end of FY24. The startup has experienced significant growth, with 60,000 daily sign-ups for its 10-minute video creation service. Invideo initially targeted enterprises before expanding to the B2B and B2C markets. It has raised $15 million in its Series A funding round and $35 million in its Series B round. Invideo plans to further develop its product, offering more directorial capabilities for video creation. The company operates under a Singapore-registered parent entity and currently has over $30 million in its bank accounts.
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