Zomato founder invests in Ultrahuman, a healthtech startup that just raised $35 million

Ultrahuman was founded in 2019 by Mohit Kumar and Vatsal Singhal, who were also co-founders at Runnr, which later merged with food delivery giant—Zomato. Besides the smart ring called Ring Air, the Ultrahuman product suite includes a continuous glucose monitoring wearable called M1 Live, a home health device called Ultrahuman Home and a preventive blood testing product called Blood Vision. The platform integrates glucose, sleep, movement, blood markers, and heart rate variability (HRV) as it seeks to collate a large set of biomarkers for a comprehensive approach to health monitoring.

Ultrahuman claims to have witnessed "phenomenal growth over the past 12 months to become the second-largest player in the smart ring market, behind global leader and Finnish company—Oura Health. The company has attributed expansion to over 150 retail outlets worldwide, including iconic locations like London’s Selfridges on Oxford Street, Changi Airport in Singapore, and the Virgin megastore in Dubai, as one of the key growth drivers.

Ultrahuman says it is on track to surpass $100 million in annualised revenue run rate (ARR) by the end of 2024, a milestone which the company says will be achieved profitably. The recent addition of a new manufacturing facility—UltraFactory—is also expected to double the company's ARR to $200 million.

"Our ability to make long-term manufacturing investments, supported by our profitability, is unique in the smart rings market," Mohit Kumar noted.

Ultrahuman's fresh funding round comes nearly two years after its previous $17.5 million Series A fundraise in October 2022, which was led by Alpha Wave, Steadview Capital, Nexus Venture Partners, Blume Ventures and others. Notable angel investors participating in the round were Tiger Global’s Scott Schleifer, CRED's Kunal Shah, Zomato's Deepinder Goyal and Unacademy's Gaurav Munjal, among others. Zerodha co-founder and CEO Nithin Kamath is also among the startup's angel investors.

The recent funding round for the health-tech startup also comes amid the proverbial funding winter, which led to a decline in venture capital investments for the sector to $682.7 million, down from $1.5 billion in 2022 and $3.5 billion in 2021, as per data from Tracxn.

In 2024, health-tech startups have seen a rebound in funding as investors are ready to back the sector. According to a report by B Capital and Boston Consulting Group (BCG), India’s digital healthcare industry is expected to grow ten times from $2.7 billion in 2022 to $37 billion by 2030. The emergence of new digital healthcare models customised for the Indian environment will be one of the key factors fuelling the growth, the report noted.