7 Ring’s on Shark Tank India, Simplifying Payments Without Charging

7 ring's on shark tank india

Three points you will get to know in this article:

  • 7 Ring uses NFC technology for seamless, no-charge-required payments.
  • Secured ₹75 Lakhs for 3% equity and 1.5% advisory equity on Shark Tank India.
  • The startup aims to sell 30 lakh rings within three years.

What is 7 Ring?

7 Ring logo

7 Ring is a wearable NFC-enabled smart ring designed to simplify payments and introduce convenience into everyday transactions. Unlike other wearable payment devices, the 7 Ring doesn’t require charging or pairing with a smartphone. It operates using electromagnetic fields, ensuring effortless tap-and-pay functionality.

Click here to visit their official website : 7 Ring

Founded by Vijay Vasudeo Khubchandani, Mehek Savla, and Karthik Menon, this Mumbai-based startup has patented three variants of its ring, catering to a wide range of users. The rings are Made in India, though the raw materials are sourced internationally before being assembled locally.

The Vision Behind 7 Ring

Vijay’s inspiration for 7 Ring came from observing the rapid growth of wearable technology like the Apple Watch. He realised that a ring could offer similar functionality while being less obtrusive and more intuitive to use.

The journey wasn’t without challenges. The company faced setbacks, including regulatory hurdles, but the founders persevered. Their dedication has led to a product that aligns with the future of contactless payments.

How Does 7 Ring Work?

No Charging Required

The 7 Ring leverages NFC (Near Field Communication) technology to operate without charging. It works by tapping into electromagnetic fields from compatible payment devices, allowing users to complete transactions effortlessly.

Key Features of 7 Ring

  • Tap-and-Pay Functionality: Payments are made by tapping the closed fist with the ring on a compatible terminal.
  • Customised Variants: Three models are available, ranging from ₹1,500 to ₹27,000, with the highest-priced variant made of 18-carat gold.
  • Additional Applications: The ring can also function as a metro card, offering multi-purpose utility.

Challenges Faced by 7 Ring

The startup planned to launch the ring on 15 August 2021, but unforeseen government restrictions on MasterCard temporarily halted operations. The company stayed afloat during this period by offering Web3 coding services to clients in their network.

Despite its potential, 7 Ring faced challenges in securing significant funding early on. However, with persistence, the team raised multiple smaller rounds, including ₹50 Lakhs in 2018 and ₹65 Lakhs in 2020.

Financial Performance and Growth Goals

  • 2023-24 Revenue: ₹61 Lakhs
  • 2024-25 Q1 Target: ₹26 Lakhs
  • 2024-25 Q2 Target: ₹35 Lakhs
  • with plans to sell 30 lakh rings in three years.

Ownership Breakdown

  • Vijay Vasudeo Khubchandani: 48% equity
  • Mehek Savla: 15% equity
  • Karthik Menon: 17% equity

7 Ring’s Shark Tank India Pitch

The founders entered Shark Tank India Season 4, seeking ₹75 Lakhs for 1% equity, valuing their company at ₹75 Crores. They presented the potential of wearable payment technology and their vision to dominate the emerging market.

Sharks’ Offers and Negotiations with 7 Ring Founders

The pitch sparked interest among the sharks, leading to a series of offers:

  • Shark Anupam Mittal and Aman Gupta: Opted out, citing concerns about market readiness.
  • Sharks Vinita Singh and Varun Alagh: Offered ₹50 Lakhs for 1% equity and ₹25 Lakhs as a loan at 10% interest.
  • Shark Piyush Bansal: Offered ₹3 Lakhs in equity for ₹75 Lakhs.

The founders ultimately accepted an offer from Sharks Vinita, Varun, and Piyush, who jointly invested ₹75 Lakhs for 3% equity, split as 1.5% direct equity and 1.5% advisory equity.

Opportunities 7 Ring

  1. Mass Adoption: The ring’s affordability and convenience position it well for large-scale adoption.
  2. Diverse Applications: Beyond payments, the ring’s functionality as a metro card opens doors for integration into public transport systems.
  3. Global Expansion: Partnerships with major payment networks like Visa, RuPay, and MasterCard allow for international scalability.

Challenges for 7 Ring

  1. Consumer Education: Building awareness about NFC technology and wearable payments is crucial for success.
  2. Competition: Competing against established wearable tech brands like Apple and Fitbit requires differentiation.
  3. Regulatory Risks: Navigating evolving government policies around digital payments will remain critical.

Lessons from 7 Ring’s Shark Tank Experience

  • Despite multiple setbacks, the founders’ commitment to their vision helped them secure funding and grow their business.
  • The detailed explanation of their technology and revenue model convinced the sharks of their potential.
  • Securing advisory equity ensures not just funding but also access to the expertise and networks of seasoned entrepreneurs.

What Makes 7 Ring Unique?

  • The no-charge-required NFC technology makes 7 Ring an incredibly convenient option for everyday transactions.
  • By offering variants at different price points, the startup ensures the product is accessible to a wide audience.
  • With in-house manufacturing and assembly, 7 Ring proudly supports the Make in India

7 Ring represents a bold step into the future of wearable payments. Its NFC-enabled rings combine convenience, affordability, and innovation, making it a compelling option for tech-savvy consumers.

The founders’ resilience and vision, coupled with their successful pitch on Shark Tank India, highlight the potential of this technology to transform how payments are made. With plans to sell 30 lakh rings in the next three years, 7 Ring is well-positioned to lead the wearable payment revolution.

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