Ultrahuman closes $70 million round led by Qualcomm

Ultrahuman has closed a Series C of $70 million led by Qualcomm Ventures, according to Entrackr. The round was first reported on 2 September at Rs 583 crore, about $60 million, drawn from the company regulatory filings. Entrackr put the final close at $70 million.

The split recorded at the filing stage had Qualcomm Ventures putting in Rs 143 crore. Alpha Wave followed with Rs 114 crore, Laboratory Corporation of America Holdings with Rs 95 crore, Blume Ventures with Rs 90 crore, Deepinder Goyal with Rs 47.4 crore invested personally, Nexus Venture Partners with Rs 18.9 crore and Krypton Fund with Rs 15 crore. GGM Family Trust, Steadview Capital, InCred Wealth and Joy Bhakat also participated.

Post-money valuation is about $363 million, reported as a 65 percent increase over the Series B. Ultrahuman had previously raised a $35 million Series B and a $17.5 million Series A in October 2022, and had taken in over $60 million before this round.

The line worth stopping on is FY25: revenue of Rs 565 crore and profit after tax of Rs 73 crore. A consumer hardware brand out of India that is already profitable is rare. The company has a projected FY26 revenue of Rs 1,000 crore, and that number is a projection rather than a reported result, so treat it as one.

Ultrahuman was founded by Mohit Kumar and Vatsal Singhal, who previously founded Runnr, which was acquired by Zomato in 2017. The product line runs across the Ring Air smart ring, the M1 Live glucose monitoring wearable and Blood Vision blood testing. The money is earmarked for growth, expansion and general corporate purposes.

For anyone building a physical product line, the useful comparison is not the round size but the pair of FY25 numbers sitting next to each other. Profit at that revenue level means the unit is carrying its own acquisition cost, its own returns and its own after-sales load rather than having them funded by the last raise. That is the test to run on your own catalogue before you go out: strip the marketing spend that is being paid for out of investor money, and see whether the contribution margin per unit still stands up. If it does not, a larger round buys time, not a business.

Update, 4 September 2026. This post originally reported the round at Rs 583 crore, about $60 million, from the regulatory filings first reported on 2 September. Entrackr reported the final close at $70 million on 3 September. The round size has been corrected here; the investor split above is the one recorded at the filing stage.