Qualcomm Ventures to lead Rs 583 crore Ultrahuman round
Qualcomm Ventures is leading a Rs 583 crore Series C in Ultrahuman, a consumer hardware brand that reported a profit after tax in FY25.
- Qualcomm Ventures is leading a Series C of Rs 583 crore, about $60 million, in Ultrahuman.
- Post-money valuation is about $363 million, reported as a 65 percent increase over the Series B.
- Ultrahuman reported FY25 revenue of Rs 565 crore and profit after tax of Rs 73 crore.
- The Rs 1,000 crore FY26 revenue number is a projection, not a reported result.
Ultrahuman is raising a Series C of Rs 583 crore, about $60 million, led by Qualcomm Ventures, according to Entrackr.
Qualcomm Ventures is putting in Rs 143 crore. Alpha Wave follows 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 are also participating.
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.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.