News on Medial

Ultrahuman reports Rs 620 Cr revenue in 2024

EntrackrEntrackr · 8m 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.

Related News

Ultrahuman reports Rs 565 Cr revenue and Rs 73 Cr profit in FY25

EntrackrEntrackr · 5d ago
Ultrahuman reports Rs 565 Cr revenue and Rs 73 Cr profit in FY25
Medial

Ultrahuman reports Rs 565 Cr revenue and Rs 73 Cr profit in FY25 After recording over 15X growth in revenue between FY22 and FY24, wearable tech startup Ultrahuman delivered another 5X year-on-year surge during FY25. Alongside this growth, the Bengaluru-based company also turned profitable during the fiscal year ending March 2025. Ultrahuman’s revenue from operations jumped to Rs 565 crore in FY25 from Rs 105 crore in FY24, according to the company’s consolidated financial statements reviewed by Entrackr. Ultrahuman operates as a self-quantification platform with products including its flagship smart ring Ring Air, glucose monitoring wearable M1 Live, and blood testing solution Blood Vision. Smart rings emerged as the company’s mainstay, contributing 91.3% of operating revenue, which grew 9.5X to Rs 516 crore in the last fiscal year. Its subscription income increased 7.4% to Rs 29 crore, while other operating revenue stood at Rs 20 crore. Including other income from interest and gains on mutual funds, the company’s overall income rose 5.4X to Rs 581 crore in FY25, up from Rs 108 crore in FY24. The company has a holding entity in India and four wholly-owned subsidiaries across the US, UK, and the Middle East. The US remains Ultrahuman’s largest market with a 61.4% share, followed by the UK (4.5%), the Middle East (5.9%), and India (2.7%). As per a report shared earlier this year, Ultrahuman said its retail sales climbed to 35% in 2024, up from 20% in 2023, while D2C contributed 41%. Growth was driven by strong traction in emerging markets such as Thailand, Hungary, and Germany, along with sustained demand in core geographies including the US, India, UAE, and the UK. On the cost front, procurement expenses stood at Rs 95 crore, while employee benefits were recorded at Rs 52 crore. Advertising, selling, and distribution together consumed Rs 142 crore in FY25. Job work, website maintenance, legal, spare parts, and other overheads pushed Ultrahuman’s total expenditure to Rs 535 crore during the fiscal year. A sharp scale-up combined with controlled costs helped Ultrahuman swing into the black, posting its first-ever profit of Rs 73 crore in FY25, compared to a loss of Rs 38 crore in FY24. Its ROCE and EBITDA margin improved to 12.9% and 8.76%, respectively. At the unit level, the company spent Re 0.95 to earn a rupee in FY25. As of March 2024, its total current assets stood at Rs 544 crore, including Rs 80 crore in cash and bank balances. The company disclosed in its annual report that on August 22, 2025, Ultrahuman Healthcare Limited, a wholly owned subsidiary, entered into a share purchase agreement to acquire 100% of viO HealthTech Limited, thereby strengthening women’s cycle and ovulation tracking capabilities for its smart rings. Ultrahuman has raised over $60 million to date, including a $35 million Series B round led by Zomato founder and CEO Deepinder Goyal alongside existing backers. Nexus Ventures holds the largest external stake at 17.26%, followed by Blume Ventures, while co-founders Mohit Kumar and Vatsal Singhal jointly own 28.9% of the company.

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

EntrackrEntrackr · 8m 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.

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

EntrackrEntrackr · 5m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

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 company’s profit declined by 37%. Boult’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 company’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 component—cost of material consumed—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, Boult’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. Boult’s inventories stood at Rs 964.5 crore during the same period—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 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.

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25

EntrackrEntrackr · 20h ago
Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25
Medial

Auxilo reports Rs 528 Cr revenue and Rs 112 Cr PAT in FY25 Auxilo’s revenue from operations grew 48.3% to Rs 528 crore in FY25, up from Rs 356 crore in FY24, as per its annual financial statements sourced from the Registrar of Companies. After doubling its revenue in FY24, education-focused non-banking financial company (NBFC) Auxilo has delivered another strong performance in FY25, going past Rs 500 crore in revenue and posting over Rs 100 crore in profit after tax (PAT). The Mumbai-based NBFC provides education loans to students pursuing higher studies in India and abroad. Its offerings cover the complete cost of education, including tuition fees, pre-visa expenses, travel, and other related costs. Interest income formed the bulk of its business, contributing 90.5% of total operating revenue, which grew 49.4% to Rs 478 crore in FY25. Fees, commissions, and other operating income collectively stood at Rs 50 crore during the year. Including other income of Rs 16 crore, Auxilo’s total revenue reached Rs 544 crore in FY25. On the expenditure side, interest costs accounted for 71.5% of total expenses, rising in line with disbursements to Rs 282 crore in FY25. Employee benefits were recorded at Rs 56 crore, while overall costs increased to Rs 394 crore in FY25, compared to Rs 275 crore in FY24. The company’s controlled cost structure supported profitability, leading to a 62.3% jump in PAT to Rs 112 crore in FY25, against Rs 69 crore in FY24. Auxilo’s expense-to-revenue ratio also improved to 0.75 in FY25. Earlier this year, Auxilo raised Rs 50 crore from Motilal Oswal. Since its inception, it has secured over $100 million across equity and debt. The company competes with other well-funded education-financing players such as Grayquest, Avanse Financial, Financepeer, Propelld, Leap Finance, and Eduvanz.

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

EntrackrEntrackr · 8m ago
Drishti IAS posts Rs 405 Cr revenue and Rs 90 Cr PAT in FY24
Medial

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 IAS’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.

Download the medial app to read full posts, comements and news.