Seven: The Revolutionary Wearable Payment Ring
Sharks Present in the Pitch
- Aman Gupta
- Anupam Mittal
- Vineeta Singh
- Varun Dua
Founders
- Mahek Savla (Young, Male)
- Vijay Khubchandani (Young, Male)
- Karthik Menon (Young, Male)
About the Company
Company Name: Seven
Website: seven.ooo
Product: Wearable payment rings powered by UPI, offering a fast, seamless, and cool payment experience.
Key Product Features
- No Charging Required: The ring powers itself using NFC technology.
- Standalone Functionality: No pairing with a mobile phone is necessary.
- Utility: Supports payment and acts as a train/metro card.
Product Variants
- 7 Ring
- 7 Ring Air
- 7 Ring Gold
Certification Progress
- MasterCard, Rupay Card, and VISA certifications are underway.
Pitch Overview
Ask: ₹75 Lakh for 1% Equity (Valuation: ₹75 Cr)
Vision: Aim to sell 30 lakh units in the next 3 years.
Transaction Mechanics
- The ring utilizes NFC technology, drawing energy from the EMF field when in proximity to a payment terminal.
- The company takes 1.08% in transaction fees, incentivizing users to adopt the ring.
Commission Model
- For transit transactions (e.g., metro/train), SEVEN receives 0.4% commission.
Sales & Financials
Sales Performance
| Period |
Sales Revenue |
| FY 24-25 (Q2) |
₹35 Lakh |
| FY 24-25 (Q1) |
₹26 Lakh |
| FY 23-24 |
₹61 Lakh |
Monthly Transactions (FY 24-25)
- September 2024: ₹37 Lakh
- August 2024: ₹32 Lakh
- July 2024: ₹27 Lakh
User Statistics
- Units Sold: 3000
- Active Users: 1000 (October 2024)
Funding History
- 2018: ₹50 Lakh
- 2020: ₹65 Lakh
- 2022: ₹39 Lakh
- 2023: ₹72 Lakh
- Total Raised: ₹2.26 Cr
Equity Split
- Vijay: 48%
- Mahek: ~15%
- Karthik: ~17%
- Others: ~20%
Shark Reactions and Offers
Shark Feedback
- Anupam Mittal: Highlighted the potential of the ring for transit but found current sales and transactions unconvincing. Opted out.
- Aman Gupta: Suggested founders move quickly but did not invest.
- Vineeta Singh: Made an offer of ₹50 Lakh for 1% equity and ₹25 Lakh debt at 10% interest over 3 years, valuing the company at ₹50 Cr.
- Varun Dua: Expressed interest in joining Vineeta's offer.
- Peyush Bansal: Offered ₹75 Lakh for 3% equity, valuing the company at ₹25 Cr. He promised infrastructure, strategic value, and technology.
Final Deal
After negotiations, the founders made a counteroffer:
₹75 Lakh for 1.5% equity + 1.5% advisory equity split among Peyush Bansal, Vineeta Singh, and Varun Dua.
All three sharks accepted this deal.
Conclusion
Seven is poised to revolutionize the wearable payment space with its NFC-powered ring. With certifications in progress and strategic partnerships with three sharks, the company is set to scale rapidly. As they aim to integrate their rings with transit systems and expand adoption, Seven could become a game-changer in the payments industry.