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Ultrahuman reports Rs 620 Cr revenue in 2024

EntrackrEntrackr ยท 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 companyโ€™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 Ultrahumanโ€™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.

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Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years

EntrackrEntrackr ยท 5m ago
Ultrahuman income jumps 15x to Rs 107 Cr in two fiscal years
Medial

Wearable tech startup Ultrahuman scaled three-fold year-on-year to over Rs 100 crore during the fiscal year ended in March 2024. Moreover, the Deepinder Goyal-backed firm managed to reduce its losses by 45% in the same period. Ultrahuman's total income grew to Rs 107 crore in FY24 from Rs 30 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. 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 recently launched its luxury Rare smart ring collection at the Consumer Electronics Show (CES) 2025, featuring 18-karat gold and platinum models priced up to $2,200. It is considered one of the most expensive smart rings in the world. Income from the sale of smart rings accounted for 75% of the total revenue which stood at Rs 80 crore in FY24. The rest of the collections come from subscription income and other allied services for the Bengaluru-based company. The company also has two subsidiaries in UAE and London till FY24. Moving to its cost front, its cost of procurement of rings and related materials was the largest cost center for Ultrahuman accounting for 26% of the overall expenditure which increased 85% to Rs 38 crore in FY23. The company managed to keep the employee benefits flat and reduced its advertising cost by 38% during FY24. Its technology, freight, legal, software, server, and other overheads took the overall expenditure up by 44.6% to Rs 146 crore in FY24 from Rs 101 crore in FY23. The 3X scale and controlled expenditure helped Ultrahuman to shrink its losses by 45% to Rs 39 crore in FY24, compared to 71 crore in FY23. On a per-unit basis, the company spent Rs 1.36 to earn Rs 1 in FY24, a significant improvement from Rs 3.37 in FY23. Ultrahuman has raised over $60 million to date including its $35 million Series B round led by Deepinder Goyal and existing investors at a post-money valuation of $125 million. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 17.26% followed by Blume Ventures. Its co-founders Mohit Kumar and Vatsal Singhal cumulatively owned 28.9% of the company. While the growth metrics seem inspired by its name, Ultrahuman still faces a formidable challenge of turning the corner in terms of profits. Smart ring, glucose monitoring are all fiercely competitive categories where the best narrative will win finally. With the utter dependence on outsourcing manufacturing, the business will always face external risks that are difficult to predict.

Ultrahuman in talks to raise $120 Mn

EntrackrEntrackr ยท 2m ago
Ultrahuman in talks to raise $120 Mn
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 companyโ€™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 $550โ€“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.

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr ยท 2m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
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Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based companyโ€™s profit declined by 37%. Boultโ€™s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The companyโ€™s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost componentโ€”cost of material consumedโ€”rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boultโ€™s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boultโ€™s inventories stood at Rs 964.5 crore during the same periodโ€”up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

Decoding Ultrahumanโ€™s Series B: Deepinder Goyal pumped in $10 Mn

EntrackrEntrackr ยท 1y ago
Decoding Ultrahumanโ€™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 didnโ€™t disclose about Goyal leading the round, Entrackr has decoded his investment along with others including Ultrahumanโ€™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. Zomatoโ€™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. Itโ€™s worth noting that Ultrahumanโ€™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 Waveโ€™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 companyโ€™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.

Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24

EntrackrEntrackr ยท 6m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
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Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24 Offline coaching firm Drishti IAS Institute crossed Rs 400 crore of revenue during the previous fiscal year ended in March 2024. The profits for the Vikas Divyakirti-led firm touched Rs 90 crore in the same period. Drishti IASโ€™s revenue from operations increased by 30.6% year-on-year to Rs 405 crore in FY24 from Rs 310 crore in FY23. The Delhi-based company's revenue rose from Rs 40 crore in FY21 to Rs 119 crore in FY22, and further to Rs 310 crore in FY23. The 26-year-old educational platform mainly provides offline coaching for Civil Services Examination (CSE). Income from coaching services accounted for 94.8% of the total operating revenue, which increased by 37.6% to Rs 384 crore in FY24 from Rs 279 crore in FY23. The remaining income is generated from the sale of study materials, including pen drives, books, test papers, and other resources. Drishti IAS operates seven institutes, including two in Delhi, three in Uttar Pradesh, and one each in Jaipur and Indore. Its Mukherjee Nagar Institute is the largest revenue contributor, accounting for 58% of the total coaching income. Employee benefits and faculty charges constituted 40% of its overall cost, increasing by 41% to Rs 117 crore in FY24 from Rs 83 crore in FY23. Drishti IAS's advertising spending also jumped 3.4X to Rs 51 crore in FY24. Drishti IAS's overall expenditure increased to Rs 289 crore in FY24 from Rs 197 crore in FY23. Higher spending on employee benefits and advertising resulted in a modest 3.4% increase in net profits, which rose to Rs 90 crore in FY24 from Rs 87 crore in FY23. The company's ROCE and EBITDA margin were recorded at 55.7% and 33.73%, respectively, while the expense-to-revenue ratio stood at Re 0.71. As of March 2024, the company's total current assets were valued at Rs 88 crore, with cash and bank balances of Rs 54 crore.

Ultrahuman raises $35 Mn in Series B round

EntrackrEntrackr ยท 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 Zomatoโ€™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 Londonโ€™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.

Flipkart-owned Cleartrip spent Rs 988 Cr to earn Rs 97 Cr in FY24

EntrackrEntrackr ยท 7m ago
Flipkart-owned Cleartrip spent Rs 988 Cr to earn Rs 97 Cr in FY24
Medial

While all online travel agents (OTAs) including MakeMyTrip, Ixigo, Yatra and EaseMy Trip have been profitable for past several quarters, Cleartrip has recorded over Rs 800 crore loss in the fiscal year ending March 2024, despite achieving 98% year-on-year revenue growth. For background, Cleartrip was acquired by Flipkart in April 2021 for $40 million in a distress sale. Cleartripโ€™s net revenue from operations grew by 98% to Rs 97 crore in FY24 from Rs 49 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Focusing on its gross operations, Cleartrip collected Rs 369 crore in service charges from customers and Rs 240 crore in commissions and incentives in FY24. However, the company provided discounts totaling Rs 525 crore on its services and incentives, which was unexpected and brought its net operating revenue down to Rs 97 crore for FY24. This covers the revenue side; now letโ€™s look at the major cash burn for the Flipkart-owned company in FY24. Cleartrip allocated 40% of its total costs to employee benefits in FY24, which surged by 61.3% to Rs 400 crore. This amount includes Rs 180 crore in non-cash ESOP costs. Excluding ESOPs, Cleartripโ€™s expenditure on salaries and wages stood at Rs 220 crore in the fiscal year ending March 2024. The firm spent Rs 128 crore on advertising and marketing, while its commissions and brokerage costs amounted to Rs 70 crore in FY24. Cleartrip also allocated Rs 91 crore to payment gateway charges, which is notable given that its revenue stood at only Rs 97 crore. Its outsourcing, information technology, legal and other overheads took the overall cost up by 26.7% to Rs 988 crore in FY24 from Rs 780 crore in FY23. See TheKredible for the detailed expense chart. Cleartrip refused to comment on queries sent by Entrackr. The increase in overall cost outpaced the revenue growth which led its losses to increase by 18.4% to Rs 810 crore in FY24, compared to Rs 684 crore in FY23, while its EBITDA margin stood at-399%. In FY24, its expense-to-earning ratio was recorded at Rs 10.1 as compared to Rs 15.9 in the previous fiscal year. On the competition side, MMT reported revenue of $792 million (Rs 6,650 crore) in FY24, along with $216.7 million (Rs 1,820 crore) in profits. Meanwhile, Ixigo, EaseMyTrip, and Yatra have recorded Rs 656 crore, Rs 590 crore, and Rs 448 crore in revenue, respectively.

Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24

EntrackrEntrackr ยท 7m ago
Dezerv reports Rs 26 Cr revenue and Rs 75 Cr loss in FY24
Medial

Dezerv, a company backed by Premji Invest, reported a revenue of Rs 26.25 crore and a loss of Rs 74.53 crore for the fiscal year ending March 2024. The revenue grew by 160% compared to the previous year, while losses increased by 95.1%. The total income for the year was Rs 26.33 crore, with significant expenses in employee costs (Rs 63.34 crore), marketing (Rs 18.48 crore), legal (Rs 4.13 crore), and miscellaneous expenses (Rs 14.89 crore), totaling Rs 100.84 crore. The companyโ€™s ROCE was -64.9% and EBITDA margin was -267.45%. Dezerv had cash and bank balances of Rs 100 crore and current assets worth Rs 122 crore. In FY23, the company had a revenue of Rs 10.22 crore and a loss of Rs 38.20 crore. The company raised $60 million in funding, with investors including Premji Invest, Elevation Capital, Matrix, and Accel. Dezerv targets high net-worth individuals (HNIs) with an investment threshold ranging from Rs 15 lakhs to several crore rupees, focusing on portfolio management services for working professionals.

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