Mumbai-based 7 Ring emerged as a groundbreaking innovation in the digital payment ecosystem, presenting a unique wearable technology that transforms how we think about financial transactions. Founded in 2017, the startup offers a revolutionary digital wallet that can be worn directly on your finger.
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Table of Contents
Quick Facts About 7 Ring
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 |
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The 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.
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Shark Tank Deal Dynamics
The founders secured a compelling deal:
- Investment: ₹75 Lakhs
- Equity: 1.5% direct equity
- Advisory Equity: 1.5%
- Valuation: ₹50 Crores
- Investors: Peyush Bansal, Varun Dua, Vineeta Singh
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About 7 Ring: Redefining Digital Payments
7 Ring stands out through its innovative features:
- Finger-worn digital wallet
- Seamless body integration
- No charging required
- Patented Indian design
- Secure transaction platform
- Non-intrusive wearable technology
- Independent transaction tracking
Technology and Innovation
Key technological characteristics of 7 Ring include:
- Unique Design Features
- Comfortable finger-worn device
- Seamless body integration
- No separate charging required
- Lightweight and ergonomic
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- Payment Security
- Independent transaction tracking
- Not linked to bank accounts
- More secure than traditional cards
- Advanced encryption technologies
- User Experience
- Instant payment capabilities
- Passbook for transaction history
- Minimal user interaction
- Intuitive interface
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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
Potential growth areas for 7 Ring:
- Expanding product line
- International market penetration
- Corporate partnership programs
- Enhanced security features
- Integration with digital ecosystems
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Technological Edge and Competitive Landscape
Competitive advantages:
- Patented Indian design
- Unique wearable concept
- Focus on user experience
- Advanced security protocols
- Innovative payment solution
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Challenges and Future Roadmap
Potential focus areas:
- Regulatory compliance
- Technology scalability
- User education
- Building consumer trust
- Continuous innovation
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Conclusion
7 Ring represents a paradigm shift in digital payment technologies. By transforming a simple ring into a sophisticated payment device, the startup demonstrates how innovative design can reimagine everyday financial interactions.
FAQs
When was 7 Ring founded?
2017
Who are the founders of 7 Ring?
Vijay Khubchandani, Karthik Menon, Mahek P Savla