In an modern twist on fee know-how, a Mumbai-based startup Seven Ring has captured the eye of traders on the fourth season of Shark Tank India. The startup, based by Vijay Vasudev Khubchandani, Mehak Savla, and Karthik Menon, has developed a sensible ring that permits customers to make funds effortlessly with out the necessity for money, playing cards, or perhaps a smartphone.
The ring operates on UPI Lite, eliminating the need of linking to a checking account. As a substitute, it connects to a cellular pockets, enabling customers to finish transactions just by tapping their closed fists. Remarkably, the ring doesn’t require charging and can even perform as a metro prepare card.
Through the pitch, shark Anupam Mittal talked about that there’s a competing boat within the space. In response, Vijay remarked that there’s sufficient room available in the market for a lot of gamers. When Aman Gupta was requested about this, he acknowledged he was accustomed to well being rings however was listening to about fee via rings for the primary time.
He informed Vijay, “Vijay, choose up the tempo; we’ll meet available in the market.” Earlier, upon arriving on the set and seeing the startup, Aman had commented, “Youngsters preserve coming and going.”
Vijay Khubchandani, impressed by the speedy development of know-how, envisioned a future the place sensible rings may remodel fee strategies. After seven years of devoted growth, Seven Ring is poised to disrupt the fee panorama.
The corporate presents three variants of the sensible ring, all of that are manufactured in India. The rings are geared up with patented know-how and make the most of an antenna that operates on particular frequencies appropriate with main fee networks like MasterCard, RuPay, and Visa.
Pricing and Options
The sensible rings are priced at ₹1,500, ₹4,500, and ₹27,000, with the premium mannequin crafted from 18-carat gold. Customers are additionally eligible for cashback on transactions made with the ring. Using NFC know-how, the ring generates energy via electromagnetic fields upon contact, guaranteeing a seamless fee expertise.
Funding and Future Plans
Since its inception in 2017, Seven Ring has efficiently raised funding on a number of events, totalling ₹2.24 crore. The founders not too long ago sought ₹75 lakh in trade for 1% fairness, aiming to promote 30 lakh rings throughout the subsequent three years. Through the pitch, the Sharks have been intrigued by the potential of the product, resulting in a collaborative deal the place three Sharks provided ₹75 lakh for 3% fairness, cut up into 1.5% fairness and 1.5% advisory fairness.
