Health-tech startup Ultrahuman has raised a fresh fund of $35 million in a funding round with a mix of equity and debt investment led by venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation and Zomato founder Deepinder Goyal. The startup will deploy fresh fund in a series B funding to increase the manufacturing and deepening research in the health tracking sector.

Mohit Kumar, the co-founder of Ultrahuman, said, "This funding round marks a pivotal step forward in our journey to dominate the smart rings space, bringing us closer to our goal of being the market leader."
He also added, "The future of health is integrated, and at Ultrahuman, we're making that future a reality today by seamlessly combining various health data streams to empower preventative health and wellness."

The health-tech startup Ultrahuman was started in 2019, by Mohit Kumar and Vatsal Singhal, who were also the co-founders of Runnr. Later the company Runnr was merged with prominent food delivery giant Zomato.

Among the flagship products, Ultrahuman’s smart ring called Ring Air, also they have glucose monitoring wearable called M1 Live, a home health device called Ultrahuman Home and a preventive blood testing product called Blood Vision got a good response from the customers. The platform also offers products which can track 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.

The company has exhibited a phenomenal growth over the period of 12 months become the second-largest player in the smart ring market, followed by the global leader and Finnish company, Oura Health. The company has expanded over retail outlets worldwide, which includes, 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.

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

Ultrahuman witnessed this fresh funding round after two long years after its previous funding of $17.5 million Series A round in October 2022, led by Alpha Wave, Steadview Capital, Nexus Venture Partners, Blume Ventures and others. Notable investors who contributed 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 one bright name among the startup's angel investors.

According to the report of Tracxn, 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.

The report of B Capital and Boston Consulting Group (BCG), reveals that, India’s digital healthcare industry is expected to grow ten times from $2.7 billion in 2022 to $37 billion by 2030.The upcoming new digital health models which are exclusively customized for the Indian environment will be one of the key factors fueling the growth.