
In a novel take on payment technology, Mumbai-based startup Seven Ring has garnered attention from investors on the fourth season of Shark Tank India with its innovative smart ring concept. The brainchild of founders Vijay Vasudev Khubchandani, Mehak Savla, and Karthik Menon, Seven Ring's smart ring revolutionizes payment methods by providing a convenient way for users to make transactions effortlessly without the hassle of carrying cash, cards, or smartphones.
The smart ring developed by Seven Ring operates on UPI Lite technology, allowing users to complete transactions by tapping their closed fists, connecting directly to mobile wallets instead of bank accounts. Noteworthy is the ring's ability to double as a metro card, offering users a versatile payment solution. During their pitch on Shark Tank India, the founders received feedback from prominent investor Anupam Mittal, who pointed out existing competition in the market. However, the founders expressed confidence in the potential for growth and market share for their innovative product.
Founder Vijay Khubchandani's vision of transforming payment methods through smart rings has culminated in the development of three variants of the smart ring, manufactured in India and equipped with patented technology. These rings, available at varying price points, are designed to operate on specific frequencies compatible with major payment networks such as MasterCard, RuPay, and Visa. The premium model, crafted from 18-carat gold, not only offers a luxurious touch but also provides users with cashback incentives on transactions made with the ring.
Since its establishment in 2017, Seven Ring has successfully secured funding amounting to ₹2.24 crore, showcasing investor confidence in the startup and its disruptive technology. Seeking further investment to propel growth, the founders aimed to sell 30 lakh rings over the next three years, prompting a collaborative deal with the Sharks on Shark Tank India. The offer extended by three Sharks involved ₹75 lakh for 3% equity, dividing the equity into both ownership and advisory shares, cementing a strategic partnership between the investors and the innovative startup.