With an innovative twist on payment technology, 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 effortless payments without the need for cash, cards or even a smartphone.

The ring works on UPI Lite, eliminating the need to link to a bank account. Instead, it connects to a mobile wallet, allowing users to complete transactions simply by tapping their closed fists. Remarkably, the ring requires no charge and can also function as a subway train card.

During the launch, shark Anupam Mittal mentioned that there is a competing ship in the area. In response, Vijay remarked that there is enough space in the market for many players. When Aman Gupta was asked about this, he admitted that he was familiar with health rings, but was hearing about ring payment for the first time.

He said to Vijay, “Vijay, pick up the pace; we’ll meet at the market.” Earlier, upon arriving on set and seeing the launch, 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 payments landscape.

The company offers three variants of the smart ring, all made in India. The rings are equipped with proprietary 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, with the premium model crafted from 18-karat gold. Users are also eligible for cash back on transactions made with the ring. Using NFC technology, the ring generates energy through electromagnetic fields on contact, ensuring a seamless payment experience.

Funding and future plans

Since its inception in 2017, Seven Ring has successfully raised funds on several occasions, totaling Rs 2.24 crore. The founders recently sought ₹75 lakh in exchange for 1% equity, with a target of selling 30 lakh rings in the next three years. During the pitch, the Sharks were intrigued by the product’s potential, leading to a partnership deal where three Sharks offered ₹75 lakh for 3% equity, divided into 1.5% equity and 1.5% of advisory capital.