Indian health technology startup Ultrahuman is aggressively pursuing international expansion and product diversification to reduce dependency on its smart ring business, following a recent import ban in the United States that impacted nearly half of its revenue streams.
Navigating the US Patent Dispute
The company faced a significant setback when the US International Trade Commission banned Ultrahuman from importing and selling its smart rings in the American market last month. This decision came after the company was found infringing on a patent owned by rival Oura. The US market previously accounted for 45-50% of Ultrahuman's total revenue, making this a substantial blow to their core business operations.
According to Mohit Kumar, co-founder and CEO of Ultrahuman, the company is responding strategically to this challenge. "We're not dependent on one thing or solving just one problem," Kumar told Mint in a recent interview. The ban has accelerated their existing plans for geographical and product diversification.
Global Expansion Gains Momentum
Ultrahuman has recently launched operations in Australia, Canada, and Germany as part of its international push. The company is finding particular success in these new markets, with Canada generating 5% of total revenue within just three months of launch. Kumar identified these countries as "quick adoption markets" due to their demographic similarities to the United States.
The company has secured Rs 100 crore in venture debt from Alteria Capital to fuel this expansion strategy. This funding will also help the company capitalize on the upcoming festive season in Western markets, including Black Friday and Christmas sales events. Kumar indicated this debt raise serves as a strategic move before pursuing a larger equity funding round in the future.
Beyond Smart Rings: The Self-Quantification Vision
Ultrahuman is repositioning itself as a comprehensive "self-quantification company" rather than just a smart ring manufacturer. The company's product portfolio now includes multiple offerings:
- Smart rings (Ring AIR and Ring Rare)
- Blood testing services
- M1 CGM glucose monitoring patch
- Home health monitoring device for environmental markers
Among these, blood testing has emerged as the fastest-growing offering for the company. Ultrahuman is continuously working to expand its testing capabilities by adding new biomarkers to their tests. Kumar explained that the education gap for these additional markers is minimal since they provide supplemental information for lifestyle changes.
The company is developing new form factors, including patches and on-wrist devices, scheduled for release in the coming quarters. While specific timelines weren't disclosed, these developments represent Ultrahuman's commitment to moving beyond the smart ring category.
Indian Market Strategy and Future Outlook
Despite being an Indian company, Ultrahuman has historically derived only about 5% of its revenue from the domestic market. However, the company expects this to increase to 8-9% by the end of the current fiscal year, driven by stronger offline presence through partnerships with major retailers like Croma and Reliance.
Kumar emphasized that an offline push in India will be critical for user conversion. The strategy includes establishing Ultrahuman-run stores and experience centers across the country. However, achieving their ambitious target of 25% revenue contribution from India by 2030 will require additional efforts.
"I think we need to launch newer form factors, more accessible form factors, both from a price as well as a gender demographics perspective," Kumar stated, acknowledging the work ahead for the Indian market.
Regarding the smart ring segment, Ultrahuman is developing its next-generation ring that addresses the patent dispute issues in the US. This new product is slated for release in Q1 of 2026. Meanwhile, existing inventory with US retailers can still be sold, and the company continues to provide support to current customers. Kumar expressed confidence that the patent dispute won't have "any material impact on our FY26 numbers."
The company's broader vision centers on becoming a comprehensive self-quantification platform, riding the global wave of fitness and health consciousness while strategically navigating regulatory challenges and market opportunities across different geographies.
