Ultrahuman’s Ring Under Fire, A New Unicorn & More

The Tussle Over The Ring

Indian healthtech startup Ultrahuman is at the centre of a patent battle with Oura, the Finnish-American maker of smart rings. A preliminary ruling by the US International Trade Commission earlier this year found that Ultrahuman’s Ring Air infringes several of Oura’s patents. 

If the ruling stands, Ultrahuman may be banned from importing its smart ring into the US, its biggest market.

What’s The Matter? Founded in 2019 by ex-Zomato execs Mohit Kumar and Vatsal Singhal, Ultrahuman gained traction globally with its health-focussed wearables. It launched the Ring Air in 2022, only to be slapped by a patent infringement lawsuit by Oura. The Finnish company claims that the Bengaluru startup copied not only its product design but also its tech in connivance with its former employees who leaked trade secrets.

Staring At A Ban? If the patent infringement claims are upheld, Ultrahuman could see a ban on importing and selling its products in the US. With half of its revenues coming from the North American country, the wearables company has much to lose. For context, the US operations helped the company post INR 600 Cr in consolidated FY25 revenues, up 6X YoY.

My Precious: Not willing to give up without a fight, Ultrahuman plans to operationalise its Texas “UltraFactory” by 2025-end to sidestep import restrictions. It also plans to expand into the home health monitoring space, build a preventive blood‑testing suite, and enhance software offerings. 

It is looking to bolster retail partnerships in the US, enter new geographies, increase software monetisation to 15% of revenue and experiment with other form factors. With this, the company expects to rake in INR 1,650 Cr in FY26 revenues. 

With much at stake, can Ultrahuman survive the Oura fight?

From The Editor’s Desk

Jumbotail Turns Unicorn: The B2B ecommerce startup has raised $120 Mn in its Series D round led by SC Ventures, paving the way for Jumbotail to enter the coveted club. The startup has become the fifth unicorn of the year, after Netradyne, Porter, Drools and Fireflies AI.

Curefoods Files DRHP: The cloud kitchen startup has filed draft papers for its IPO, which will comprise fresh issues worth INR 800 Cr and an OFS of 4.85 Cr shares. Meanwhile, the DRHP revealed that Curefoods cofounder is dogged by criminal and child labour allegations.

Legacy Giants Tighten EV Grip: Automotive majors TVS Motor and Bajaj Auto continued to dominate the electric two-wheeler market in June, even as Ola Electric’s sales remained flat. Total EV sales declined 7% MoM to 97,891 units. 

Infra.Market Nets $50 Mn Debt: Ahead of its public listing, the B2B ecommerce platform has raised the debt from Mars Growth Capital. The startup, which raised $121 Mn in January at a $2.8 Bn valuation, manufactures construction materials under its private-label brands. 

MobiKwik Bolsters Leadership: The listed fintech has elevated Saurabh Dwivedi to the role of chief technology officer. Meanwhile, Dhruv Wadhera has been elevated to the role of SVP for offline payments. Both Dwivedi and Wadhera joined the company in 2023. 

Walko Acquires Meemee’s: The NIC Ice Creams’ parent has bought the Mumbai-based ice cream brand to enter the artisanal dessert category. The acquisition will boost Walko’s product line and expand Meemee’s reach to pan-India locations. 

Aukera’s $15 Mn Fundraise: The lab-grown diamond jewellery startup has raised the capital in its Series B round led by Peak XV Partners, with participation from existing investors. The round valued the startup at a nifty INR 600 Cr. 

Starlink, Amazon’s Satcom Plans In Motion: The Elon Musk-led company and the ecommerce major’s Project Kuiper have signed their first agreements with VSAT players in India. This marks a major step towards launching enterprise satcom services in the country.

Inc42 Startup Spotlight

Can Sthyr’s Zinc-Air Batteries Power India’s Future?

As nations vow to achieve carbon-neutral status, energy storage devices have emerged as the critical engines for this transition. Yet, geopolitical tensions are increasingly complicating access to rare earth metals, which are essential for building these energy storage solutions. 

Realising that the world needed an alternative, devoid of these critical metals, Akhil Kongara Gunjan Kapadia and Muhammed Hamdan founded Sthyr Energy in 2024. 

An Alternative To Li-ion Batteries? The Chennai-based startup has introduced a zinc-air energy storage device, with a 3.2 kWh battery module. Sthyr claims that its batteries can provide up to 100 hours of battery storage as compared to the eight hours offered by Li-ion batteries.  Sthyr claims that the capex on its battery systems stands at $70 per kWh, which it will bring down to $30-40 in two years. In comparison, Li-ion batteries start from $150 per kWh. 

Taking On The Giants: While Sthyr has already tested its batteries for 2,000 hours of continuous operation, it aims to increase it to 5,000 hours. The startup is setting up a manufacturing and R&D facility in Chennai with 30 MWh per year capacity, expanding the team, and readying itself for deploying its pilot products within two years. 

Sthyr will develop multiple 300 kWh systems in this pilot facility, test them with potential customers, and then go for full-fledged commercial production after three years. With giants like Hindustan Zinc, Exide and Amara Raja on its tail, can Sthyr Energy find success in India’s $169 Bn energy storage market?