Mumbai-based startup 7 Ring, renowned for its innovative smart ring payment solution, impressed the sharks and the audience on Shark Tank India Season 4, Episode 14.
Founded in 2017 by Vijay Khubchandani, Karthik Menon, and Mahek P Savla, the company showcased its game-changing wearable technology and successfully secured a deal.
The founders initially sought ₹75 lakh for 1% equity, valuing the startup at ₹75 crore.
During their presentation, the team highlighted the product’s unique features—designed, assembled, and patented entirely in India. They revealed ambitious plans to sell 30 lakh rings within the next three years. However, their steep valuation led to intense deliberation among the sharks.
Shark Anupam Mittal raised concerns about market competition, quipping, “There’s a competing boat in the area.” To this, Vijay confidently responded, “There’s enough room in the market for many players.”
Aman Gupta, intrigued by the idea of payment rings, commented with optimism, “Vijay, pick up the pace; we’ll meet in the market.”
Despite initial skepticism, the sharks were captivated by the product’s potential. After negotiations, Peyush Bansal, Vineeta Singh, and Varun Dua offered a joint deal of ₹75 lakh for 3% equity, structured as 1.5% equity and 1.5% advisory equity, revising the company’s valuation to ₹50 crore.
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7 Ring is a wearable payment device designed to function as a digital wallet. It operates on UPI Lite, eliminating the need for linking bank accounts.
The ring enables users to make payments securely by simply tapping their closed fists. Unlike payment cards or watches, the smart ring does not require charging and can even double as a metro train card.
The rings are available in three price ranges: ₹1,500, ₹4,500, and ₹27,000, with the premium variant made from 18-carat gold.
Using NFC technology, the ring generates power through electromagnetic fields when in contact with payment terminals, offering a seamless and secure experience.
According to Tracxn, 7 Ring has raised a total of $250,000 across three funding rounds, underscoring investor confidence in its innovative approach to payment technology.
