Ultrahuman Secures INR 100 Cr Debt Amid US Ban

Smart ring manufacturer Ultrahuman has raised INR 100 Cr ($11.2 Mn)  in venture debt from Alteria Capital as it looks to scale its products and expand into more markets.

The Bengaluru-based startup said the new capital will help it build more features, grow its software-led revenue, and strengthen its sports and research partnerships. 

In a statement, Ultrahuman CEO Mohit Kumar shared the startup’s plans to maintain cost discipline while expanding, moving faster during this growth phase while staying lean. 

Important to highlight that the startup has raised additional debt amid a high-stakes legal battle with its Finnish rival Oura. The dispute, which pertains to patents on the companies’ smart rings, has already resulted in a full-fledged import and sales ban on Ultrahuman’s smart rings in the US, its largest and most lucrative market. 

Ultrahuman’s FY25 operating revenue came largely at the behest of sales in the US, which contributed nearly 60% of its operating revenue of INR 564.7 Cr. On the back of its robust presence in the US market, the smart ring maker swung to the black in the fiscal, reporting a net profit of INR 71.5 Cr against a loss of INR 37.7 Cr in the previous fiscal.

This growth is currently under threat as the US International Trade Commission’s cease-and-desist orders officially came into effect in October, barring the startup from importing and selling its current Ring AIR model in the country. 

Despite the setback, Ultrahuman says it is working on redesigning its smart ring for the US market. However, it is not rushing the process until it receives clarity from regulators and secures mandatory FCC approvals to avoid further infringement risks. 

The timing of the new venture debt raise is therefore significant. With existing stocks in the US expected to run out and a redesign still awaiting regulatory clearance, Ultrahuman faces a potential dip in FY26 revenue. At this moment, Ultrahuman is seeking guidance on whether devices manufactured at its Texas facility will be exempt from the import ban — a point that could determine how quickly it restores supply in the US.

The fresh capital might give the startup breathing room to maintain product development momentum, invest in software-led revenue, and sustain partnerships, even as its most important market remains uncertain. 

On the domestic front, the startup also shared an update on its ongoing legal dispute with Oura. Earlier, in September 2025, the Delhi High Court had dismissed Ultrahuman’s patent infringement lawsuit against the Finnish wearable maker, noting that the startup had not fully disclosed relevant US International Trade Commission (ITC) rulings in favour of Oura. 

The court allowed Ultrahuman to refile its case after making full disclosure of these orders. Following this procedural dismissal, the original suit has now been reinstated by the Division Bench, signaling Ultrahuman’s continued effort to protect its intellectual property rights in India.