Ultrahuman in talks with WestBridge to raise $100-120 million after SoftBank deal falls through

After discussions with Japanese investor SoftBank fell through, Bengaluru-based smart wearables maker Ultrahuman is now in advanced talks with WestBridge Capital to raise $100-120 million in fresh funding, people aware of the matter told ET. The potential deal with WestBridge could value Ultrahuman at around $500-550 million, they said.

Earlier, Ultrahuman had been in talks with SoftBank for a $35-40 million round, but the deal collapsed due to differences over round size and valuation. “At the time of the SoftBank discussions, which was more than 7-8 months ago, the company’s scale was different. SoftBank wanted to do a smaller round at a lower valuation, which the company was not aligned with,” a person briefed on the negotiations said. Ultrahuman’s financial performance has improved since then, these people added.

The startup closed calendar year 2024 with around $80 million in revenue, and is currently tracking an annualised run-rate of $150-160 million, according to sources.

In March 2024, the company closed a $35 million round led by Blume Ventures and Nexus Venture Partners, with participation from existing investors Alpha Wave Global and Eternal founder and CEO Deepinder Goyal. That round valued the startup at $125 million.

International expansion

"Talks with WestBridge are at an advanced stage... Ultrahuman plans to use the funds to push its expansion outside India," another person aware of the plans said.

The company had announced plans last year to open a new factory in Indiana, US, adding to its existing manufacturing facilities in Bengaluru and Texas.

In its annual report released in January, Ultrahuman said it recorded a 6X growth in revenue year-on-year in 2024, with an average profit before tax (PBT) of 11%. The company expects PBT margins to rise to around 20% over time, as it invests in expanding its product line up—including new wearable form factors, fertility and cardiovascular health clinical trials, experience centres, and its Texas UltraFactory.

Started by Mohit Kumar and and Vatsal Singhal, cofounders of Roadrunnr, a hyperlocal logistics startup sold to Zomato, Ultrahuman sells smart rings and metabolic health-tracking services. Currently, the founders jointly hold around 29% of the company. Nexus Venture Partners owns over 17%, while Alpha Wave Global and Blume Ventures own 15.2% and 10.1%, respectively.

According to startup data platform Tracxn, Ultrahuman has raised a total of $55 million in equity and debt so far.

SoftBank, WestBridge Capital and Ultrahuman’s Mohit Kumar did not respond to ET’s queries. The development was first reported by Moneycontrol