In a year that has tested both the resilience and adaptability of Indian startups, Bengaluru-based healthtech and wearable company Ultrahuman has eme
In a year that has tested both the resilience and adaptability of Indian startups, Bengaluru-based healthtech and wearable company Ultrahuman has emerged as a clear outlier. The company, known for its metabolic health platform and the Ultrahuman Ring, has announced that it achieved profitability in FY25, backed by a fivefold jump in revenue compared to the previous financial year.
This milestone comes at a time when the larger startup ecosystem in India is under pressure to show profitability and sustainable growth. Ultrahuman’s success stands as an example of how deep-tech, health-focused consumer products can not only find a strong market but also scale rapidly in a short span of time.
The Growth Story
Founded in 2019 by Mukul Rustagi and Mohit Kumar, Ultrahuman began as a digital health and fitness content platform before pivoting to metabolic health monitoring. Its flagship product, the Ultrahuman Ring, launched in 2022, quickly became a core driver of growth.
The device, worn as a sleek smart ring, helps users track biomarkers such as sleep, recovery, and activity while integrating seamlessly with Ultrahuman’s subscription platform. In FY24, the company was still in heavy investment mode, prioritizing R&D, product development, and global expansion. But FY25 marked a decisive shift, with sales soaring and subscriptions offering recurring revenue stability.
Company insiders attribute the fivefold revenue surge to:
- Strong product-market fit in urban India, the Middle East, and parts of Europe.
- Growing global health-tech adoption, especially in the post-pandemic era.
- Recurring subscription revenues that ensure customer stickiness.
- A deliberate push into direct-to-consumer channels supported by digital marketing.
Profitability Amid a Funding Winter
The timing of Ultrahuman’s profitability is crucial. The Indian startup ecosystem has been navigating what investors call a “funding winter” since 2022. Venture capital firms have tightened their purse strings, increasingly demanding unit-level economics and shorter paths to breakeven.
Against this backdrop, Ultrahuman’s announcement sends a strong signal: health-tech companies with differentiated hardware and strong subscription-driven software can defy market headwinds.
Industry experts believe this could also spark renewed investor interest in the wearables and consumer health space. “What Ultrahuman has achieved is not just a profitability milestone, but also a validation that Indian startups can build hardware-plus-software ecosystems that scale globally,” said a Bengaluru-based venture capitalist tracking the sector.
Competition and Differentiation
Globally, Ultrahuman competes with giants like Oura, Whoop, and Fitbit. Yet, the company has managed to carve a niche by focusing on metabolic health rather than just fitness tracking.
Its recent product upgrades — including continuous glucose monitoring integrations and AI-driven health insights — have added layers of personalization. By emphasizing biomarker-based health optimization, Ultrahuman appeals not just to fitness enthusiasts but also to individuals looking for preventive healthcare solutions.
Unlike traditional fitness wearables that emphasize steps or calories, Ultrahuman markets itself as a tool for long-term metabolic fitness — tackling issues like sleep quality, insulin response, and recovery, which resonate with an increasingly health-conscious consumer base.
Looking Ahead: IPO or Global Expansion?
With profitability achieved, the natural question arises: what’s next for Ultrahuman? Sources suggest that the company may explore larger expansion in North America, where the wearable health market is booming.
There is also speculation about a potential IPO in the next 2–3 years, although founders have maintained that their current priority is product innovation and market penetration. The firm is reportedly doubling down on R&D, aiming to integrate more advanced biosensors and AI-driven insights into its platform.
Analysts believe that if Ultrahuman maintains its current growth trajectory, it could join the coveted unicorn club soon, if not already.
The Bigger Picture: Health-Tech’s Moment in India
Ultrahuman’s success comes amid a broader surge in health-tech startups in India, ranging from telemedicine platforms to diagnostic AI companies. Rising health awareness, combined with increasing disposable incomes and digital adoption, has created fertile ground for growth.
According to industry reports, India’s wearable market alone is projected to grow at over 20% CAGR through 2030, with smart rings being one of the fastest-growing segments. Ultrahuman is positioned at the sweet spot of this wave, balancing global ambitions with an Indian innovation DNA.
Moreover, the company’s profitability may inspire other startups to rethink their scaling strategies. In an era where “growth at all costs” is being replaced by “sustainable growth,” Ultrahuman has offered a blueprint: focus on product depth, recurring revenue models, and global scalability.
For Ultrahuman, FY25 marks a watershed moment. From a startup experimenting with health content to becoming a profitable global health-tech brand, its journey highlights the potential of Indian innovation in shaping the future of preventive healthcare.
As the company eyes new markets, deeper product innovation, and possibly public listing down the road, Ultrahuman’s story underscores a larger narrative: Indian startups can no longer be seen just as software players. They can build world-class consumer products, scale globally, and, most importantly, do so profitably.
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