With an innovative twist on payment technology, Mumbai-based startup Seven Ring grabbed the attention of investors on the fourth season of Shark Tank India. Founded by Vijay Vasudev Khubchandani, Mehak Savla and Karthik Menon, the startup has developed a smart ring that allows users to make effortless payments without the need for cash, cards or even a smartphone.
The ring works on UPI Lite, which eliminates the need to link a bank account. Instead, it connects to a mobile wallet and allows users to make transactions by simply tapping their clenched fists. Notably, the ring does not require charging and can also function as a subway train card.
During the match, the shark Anupam Mittal mentioned that there was a rival ship in the area. In response, Vijay noted that there is enough room in the market for many players. When Aman Gupta was asked about this, he admitted that he was familiar with health rings, but this was the first time he had heard of paying through rings.
He said to Vijay, “Vijay, pick up the pace; I'll meet you in the market.” Earlier, when Aman arrived on set and saw the launch, he remarked, “Kids keep coming and going.”
Inspired by the rapid advancement of technology, Vijay Khubchandani envisioned a future where smart rings could revolutionize payment methods. After seven years of dedicated development, Seven Ring is ready to disrupt the payment landscape.
The company offers three variants of the smart ring, all of which are manufactured in India. The rings feature patented technology and use an antenna that operates on specific frequencies compatible with major payment networks such as MasterCard, RuPay and Visa.
Pricing and Features
The smart rings are priced at ₹ 1,500, ₹ 4,500 and ₹ 27,000 respectively, with the premium model made of 18 carat gold. Users are also eligible for cashback on transactions made with the ring. Using NFC technology, the ring generates energy through electromagnetic fields on contact, ensuring seamless payments.
Funding and future plans
Since its inception in 2017, Seven Ring has successfully raised funds totaling ₹2.24 crore on several occasions. The founders recently sought ₹75,000 in exchange for 1% equity with a goal of selling 30,000,000 rings over the next three years. During the presentation, the Sharks were intrigued by the product's potential, leading to a collaboration agreement where the three Sharks offered ₹75 lakh for 3% equity, split between 1.5% equity and 1.5% advisory equity.
