Introduction to “7Ring”
Mumbai-based 7 Ring, founded in 2017, has revolutionized the digital payment landscape with its innovative smart wearable technology RING. NFC-enabled smart ring for contactless payments, eliminating the need for charging or smartphone pairing. The startup offers a groundbreaking digital wallet embedded in a ring, allowing users to make financial transactions directly. This smart ring eliminates the need for traditional wallets or cards, providing a seamless and secure payment experience. With a focus on convenience and cutting-edge technology, 7 Ring is reshaping how we interact with money in the digital age, offering a new level of accessibility and efficiency in everyday transactions. Utilizing electromagnetic fields, it facilitates seamless tap-and-pay transactions. Offering three patented variants, including a premium 18-carat gold model also caters to diverse consumer budgets. Functionality extends beyond payments, with public transport capabilities. The company’s commitment to innovation and “Make in India” manufacturing positions 7 Ring as a significant advancement in wearable payment technology with some offering cashback.
Key Information
| Company Name | 7 Ring |
| Founders | Vijay Khubchandani, Karthik Menon, Mahek P Savla |
| Founded | 2017 |
| Location | Mumbai, India |
| Industry | Consumer Electronics |
| Asked Investment | ₹75 Lakhs for 1% equity |
| Asked Valuation | ₹75 Crores |
| Final Deal | ₹75 Lakhs for 1.5% equity + 1.5% advisory equity |
| Final Valuation | ₹50 Crores |
| Investing Sharks | Peyush Bansal, Varun Dua, Vineeta Singh |
Company Overview
7 Ring, a company founded by Vijay Khubchandani, Karthik Menon, and Mahek P Savla, is a consumer electronics startup from India that develops innovative products at the intersection of fintech and wearables, specifically a smart ring for contactless payments. It is a D2C fintech startup building wearable smart ring products in the Fintech space, focusing on contactless payments.
Key Features:
- Contactless Payments:The 7 Ring is designed for making payments without needing a smartphone app, OTP, or PIN for transactions below INR 5,000 in India.
- No Battery, No Charging:The ring is a passive wearable, drawing power from the POS machine, eliminating the need for a battery or charging.
- NFC Technology:It uses Near Field Communication (NFC) technology and is EMVco certified.
- Linked to a Digital Prepaid Wallet:The ring is linked to a digital prepaid wallet in the cloud, rather than requiring pairing with a smartphone.
- Security:It contains the same EAL5+ secure element used in payment instruments worldwide.
Shark Tank India Pitch
The founders presented their vision to the panel of sharks:
- Peyush Bansal
- Anupam Mittal
- Aman Gupta
- Vineeta Singh
- Varun Dua
They sought ₹75 Lakhs for 1% equity, valuing the company at ₹75 Crores.
Shark Tank Deal Dynamics
The founders secured a compelling deal:
- Investment: ₹75 Lakhs
- Equity: 1.5% direct equity
- Advisory Equity: 1.5%v
- Valuation: ₹50 Crores
- Investors: Peyush Bansal, Varun Dua, Vineeta Singh
Technology and Innovation
- Unique Design Features : Stylish, comfortable, and finger-worn for easy use.
- Seamless body integration : Designed to integrate effortlessly with your body for convenience.
- No separate charging required : Always ready for use without the need for charging.
- Lightweight and ergonomic : Designed for comfort with a lightweight, ergonomic fit.
- Independent transaction tracking : Tracks transactions independently for better user control.
- Not linked to bank accounts : Operates independently, keeping user accounts secure.
- More secure than traditional cards : Provides a safer alternative to conventional payment methods.
- Advanced encryption technologies : Uses top-tier encryption for secure transactions.
- Instant payment capabilities : Enables quick, hassle-free payments in real time.
- Passbook for transaction history : Keeps an organized record of all your transactions.
- Minimal user interaction : Simple to use with minimal effort required from the user.
- Intuitive interface : Features a user-friendly, easy-to-navigate design.
Target Market and User Segments
7 Ring primarily serves:
- Tech-savvy consumers
- Early technology adopters
- Digital payment enthusiasts
- Security-conscious individuals
- Urban professionals
- Young digital natives
Market Opportunity
- Product Line Expansion
- Global Market Expansion
- Corporate Partnership Initiatives
- Improved Security Features
- Digital Ecosystem Integration
Technological Edge and Competitive Landscape
7 Ring stands out with its exclusive patented design from India, offering a unique wearable solution for seamless digital payments. The device focuses on enhancing user experience with an intuitive interface and comfort. Equipped with advanced security protocols, it ensures secure transactions while providing an innovative payment method that redefines convenience in the digital payment landscape.
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.
Some of the upcoming challenges that the company may face includes :
- Consumer Education:Building awareness about NFC technology and wearable payments is crucial for success.
- Competition:Competing against established wearable tech brands like Apple and Fitbit requires differentiation.
- Regulatory Risks:Navigating evolving government policies around digital payments will remain critical.
Future Plans
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.
Conclusion
7 Ring marks a revolutionary change in digital payment technologies. It transforms a simple ring into an advanced payment tool, showcasing how design innovation can reshape daily financial transactions. The startup exemplifies the potential of creative thinking in modernizing payment methods. By merging technology with everyday accessories, it redefines the way we interact with money. This shift demonstrates the power of innovation in enhancing convenience and security in financial activities.
