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In an innovative turn in payments technology, Seven Ring, a Mumbai-based startup, caught 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 need to link it to a bank account. Instead, it connects to a mobile wallet, allowing users to complete transactions simply by touching their closed fists. Surprisingly, the ring requires no charging and can also function as a metro card.
During the presentation, shark Anupam Mittal mentioned that there is a competing boat in the area. In response, Vijay commented that there is enough space in the market for many players. When Aman Gupta was asked about this, he acknowledged that he was familiar with health rings, but it was the first time he had heard about payment through rings.
He told Vijay, “Vijay, pick up the pace; we will meet at the market.” Earlier, upon reaching the set and seeing the set-up, Aman had commented, “The 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 revolutionize the payments landscape.
The company offers three variants of the smart ring, all of which are made in India. The rings are equipped with patented technology and use an antenna that operates on specific frequencies compatible with major payment networks such as MasterCard, RuPay and Visa.
Prices and features
The smart rings are priced at ₹1,500, ₹4,500 and ₹27,000, and the premium model is made of 18K gold. Users are also eligible to receive refunds for transactions made with the ring. Using NFC technology, the ring generates energy through electromagnetic fields upon contact, ensuring a seamless payment experience.
Financing and future plans
Since its inception in 2017, Seven Ring has successfully raised funds on multiple occasions, totaling Rs 2.24 crore. The founders recently sought ₹75 lakh in return for 1% equity, with an aim to sell 30 lakh rings in the next three years. During the presentation, the Sharks were intrigued by the potential of the product, which led to a collaboration agreement in which three Sharks offered ₹75 lakh for 3% equity, divided into 1.5% equity and 1.5 % of advisory capital.
