In an innovative twist on payment technology, a Mumbai-based startup Seven Ring has captured the attention of investors on the fourth season of Shark Tank India. The startup, founded by Vijay Vasudev Khubchandani, Mehak Savla, and Karthik Menon, has developed a smart ring that allows users to make payments effortlessly without the need for cash, cards, or even a smartphone.
The ring operates on UPI Lite, eliminating the necessity of linking to a bank account. Instead, it connects to a mobile wallet, enabling users to complete transactions simply by tapping their closed fists. Remarkably, the ring does not require charging and can also function as a metro train card.
During the pitch, shark Anupam Mittal mentioned that there’s a competing boat in the area. In response, Vijay remarked that there’s enough room in the market for many players. When Aman Gupta was asked about this, he acknowledged he was familiar with health rings but was hearing about payment through rings for the first time.
He told Vijay, “Vijay, pick up the pace; we’ll meet in the market.” Earlier, upon arriving at the set and seeing the startup, Aman had commented, “Kids keep coming and going.”
Vijay Khubchandani, inspired by the rapid advancement of technology, envisioned a future where smart rings could transform payment methods. After seven years of dedicated development, Seven Ring is poised to disrupt the payment landscape.
The company offers three variants of the smart ring, all of which are manufactured in India. The rings are equipped with patented technology and utilize an antenna that operates on specific frequencies compatible with major payment networks like MasterCard, RuPay, and Visa.
Pricing and Features
The smart rings are priced at ₹1,500, ₹4,500, and ₹27,000, with the premium model crafted from 18-carat gold. Users are also eligible for cashback on transactions made with the ring. Utilizing NFC technology, the ring generates power through electromagnetic fields upon contact, ensuring a seamless payment experience.
Funding and Future Plans
Since its inception in 2017, Seven Ring has successfully raised funding on multiple occasions, totalling ₹2.24 crore. The founders recently sought ₹75 lakh in exchange for 1% equity, aiming to sell 30 lakh rings within the next three years. During the pitch, the Sharks were intrigued by the potential of the product, leading to a collaborative deal where three Sharks offered ₹75 lakh for 3% equity, split into 1.5% equity and 1.5% advisory equity.