Bengaluru-based healthtech start-up Ultrahuman is close to securing more than $120 million (over Rs 1,000 crore) in a new funding round, according to a report published by MoneyControl. This round will be led by WestBridge Capital and some private equity investors.
With this, the start-up could reach the valuation of around $550-$600 million, which is about more than four times jump from $125 million in March 2024, the report said.
This funding deal came at a time when the healthtech failed to materialise $40 million fundraise deal with SoftBank, the report said, adding that the two did not find any common ground over the potential of Ultrahuman.
“The company is clocking revenue run rate of $150 million currently, around double of last year, which also helps justify the valuation bump up,” sources told MC.
Last year, Ultrahuman raised $35 million in an equity and debt investment round. The series B funding round saw participation from venture capital firms Blume Ventures, Steadview Capital, Nexus Venture Partners, Alpha Wave Incubation and Zomato founder Deepinder Goyal.
Ultrahuman was founded in 2019 by Mohit Kumar and Vatsal Singhal, former senior executives at Eternal (now Zomato), and has raised more than $50 million across five funding rounds, Tracxn data showed.
In calendar year 2024, Ultrahuman reported $74 million in revenue — a sixfold jump from $13 million in CY23. This reflects not only a doubling of revenues over the past year but an impressive 11X growth over two years.
The company’s rapid expansion into new markets — growing its footprint from two countries in CY23 to more than 10 countries in CY24 — and an expanded product range helped boost its average order value (AOV) from $363 in December 2023 to $412 by December 2024, according to its annual report.
