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Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring

Inc42Inc42 · 1y ago
Ultrahuman Raises $35 Mn To Boost Research In Health Monitoring
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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Ultrahuman raises $35 Mn in Series B round

EntrackrEntrackr · 1y ago
Ultrahuman raises $35 Mn in Series B round
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.

Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn

EntrackrEntrackr · 1y ago
Decoding Ultrahuman’s Series B: Deepinder Goyal pumped in $10 Mn
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.

Ultrahuman reports Rs 620 Cr revenue in 2024

EntrackrEntrackr · 5m ago
Ultrahuman reports Rs 620 Cr revenue in 2024
Medial

Ultrahuman reports Rs 620 Cr revenue in 2024 Wearable tech startup Ultrahuman has recorded a skyrocketing jump in its operating scale to $74.5 million (approximately Rs 620 crore) for calendar year 2024 or CY24, according to the company’s annual report disclosure. This represents an almost six-fold increase in revenue compared to $12.9 million (approximately Rs 107 crore) in 2023 (CY23). The Bengaluru-based firm achieved a similar revenue figure for FY24. Based on current trends, Ultrahuman is likely to surpass the Rs 620 crore revenue mark in FY25. While Ultrahuman closed FY24 with Rs 39 crore loss, the company posted 11% profit before tax (PBT) and an 8% EBITDA during the last calendar year (CY24), as per the report published by the firm. Ultrahuman credited its growth to the flagship Ring AIR, which accounted for 90% of its revenue to $67 million in CY24, compared to $7 million in CY23. The rest of the income came from PowerPlug/ UltraHuman X and extended ecosystem (M1, Home, and Blood Vision) which recorded $2.8 million and $4.3 million revenue, respectively. Moreover, the Nexus Ventures-backed company registered its highest-ever sale of $17.7 million in November last year, as per the report. To meet rising demand, Ultrahuman scaled its Bengaluru UltraFactory by 15X in 2024 and launched a new facility in Plano, Texas to boost innovation and supply chain efficiency. Importantly, the Mohit Kumar-led company achieved this growth without any ad spend. As per the company, it targeted organic growth, direct sales, and retail expansion during the last year (2024). The report added that its retail sales surged to 35% in 2024, up from 20% in 2023, while D2C remained strong at 41%. The growth was driven by strong performance in emerging markets such as Thailand, Hungary, and Germany, along with continued strength in core markets including the US, India, UAE, and the UK. When it comes to gender demographics, women users grew to 44% of Ultrahuman’s base in 2024, up from 29% the previous year. This growth was steered by features like Cycle Insights, Ovulation Tracking, and the introduction of size 5 for the Ring AIR. Ultrahuman has raised over $60 million, including a $35 million Series B round led by Zomato founder and chief executive Deepinder Goyal and existing investors. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal own 28.9% of the company.

Men’s sexual health brand Bold Care raises $5 Mn

EntrackrEntrackr · 4m ago
Men’s sexual health brand Bold Care raises $5 Mn
Medial

Men’s sexual health and wellness brand Bold Care has raised $5 million in a funding round co-led by Nithin Kamath’s Rainmatter, CaratLane co-founder Mithun and Siddhartha Sacheti, the Dhanani family, AVT Group, along with participation from Gruhas Collective Consumer Fund and NB Ventures. Entrackr exclusively reported on the deal in December. The proceeds will be used to strengthen research and development (R&D), scale the brand’s digital presence, and develop sexual health solutions for both men and women, Bold Care said in a press release. Co-founded in 2020 by Rajat Jadhav, Rahul Krishnan, Harsh Singh, Mohit Yadav, and actor Ranveer Singh, Bold Care provides solutions for issues such as premature ejaculation (PE) and erectile dysfunction (ED). It also offers condoms and lubricants and claims to have fulfilled over 30 lakh (3 million) orders so far. Bold Care has recently expanded into the women’s wellness sector with the launch of Bloom, offering solutions for women’s health concerns, including sexual health, personal hygiene, menopause, menstrual care, and pregnancy. The Mumbai-based startup currently sells its products through its own website, as well as on e-commerce platforms like Amazon, Flipkart, Myntra, and Meesho. It is also available on quick commerce platforms. According to market research, sexual health issues affect approximately 90-95 million men in India. For the fiscal year ending March 2024 (FY24), Bold Care’s revenue from operations increased by 6.67% to Rs 32.9 crore from Rs 30.90 crore in FY23. However, the company also reported a 21.46% increase in losses to Rs 19.3 crore in the last fiscal year. Bold Care competes with other D2C sexual and wellness brands, including Man Matters, Kindly, Sukham, Kapiva, and Sassiest, among others.

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