Biography of Vijay Khubchandani: Founder and CEO of 7 Ring -Entrepreneur
.jpg "Biography of Vijay Khubchandani: Founder and CEO of 7 Ring -Entrepreneur#startup#age#net worth#investor#shark tank india#7 Ring story# Vijay K story")
Biography of Vijay Khubchandani:
7 Ring: The Future of Wearable Payments
Vijay Khubchandani, a passionate entrepreneur with a
background in commerce from the University of Mumbai, has always been
fascinated by technology and innovation. With over 18 years of experience in
digital payments, software development, and wearables, he has built multiple
ventures, each focused on simplifying user experiences. His latest brainchild,
7 Ring, is a groundbreaking payment solution that aims to revolutionize the way
people make transactions.
The Birth of Seven
In 2018, Vijay founded Seven, a direct-to-consumer (D2C)
fintech company based in Mumbai. The startup set out to create India’s first
open-loop contactless payment wearable—a smart ring powered by RuPay and UPI.
With this, users can make payments with just a tap of their fingers,
eliminating the need for smartphones, cards, or wallets.
The Inspiration Behind 7 Ring
The idea for 7 Ring came from Vijay’s deep understanding of
digital payments and user convenience. He realized that while smartwatches and
mobile wallets were becoming popular, they still had drawbacks like battery
dependency and connectivity issues. He envisioned a wearable payment solution
that would be independent, battery-free, and easy to use—leading to the
creation of 7 Ring.
How 7 Ring Works
Unlike traditional wearables, 7 Ring does not require
charging or syncing with a smartphone. It utilizes NFC (Near Field
Communication) technology to tap into electromagnetic fields from compatible
payment terminals. This allows users to make instant transactions with just a
fist tap, making it one of the simplest and most efficient payment solutions.
Beyond Payments: Additional Features
The 7 Ring is more than just a payment device. It also works
as a metro card, allowing users to tap and enter public transport systems. With
increasing urbanization and reliance on digital payments, this feature enhances
the ring’s multi-purpose functionality, making it an essential everyday
accessory.
Challenges in Launching 7 Ring
The journey to launching 7 Ring wasn’t smooth. The team
faced regulatory challenges, including a delay due to government restrictions
on MasterCard in 2021. Despite these setbacks, they remained determined. To
keep the business afloat, they provided Web3 coding services to clients,
ensuring financial stability while waiting for the right moment to introduce
their product.
The Investment Struggles
Funding was another challenge. Unlike many tech startups
that secure large early-stage investments, 7 Ring had to raise multiple smaller
funding rounds. In 2018, they raised ₹50 lakhs, followed by ₹65 lakhs in 2020.
Although these amounts helped, they were not enough to scale the business to
its full potential.
Shark Tank India: A Game-Changing Opportunity
Determined to take 7 Ring to the next level, Vijay and his
co-founders—Mehek Savla and Karthik Menon—pitched their startup on Shark Tank
India Season 4. Seeking ₹75 lakhs for 1% equity, they valued their company at
₹75 crores and showcased their vision for the future of contactless payments.
Biography of Vijay Khubchandani: Founder and CEO of 7 Ring -Entrepreneur# startup#age#net worth#investor#shark tank india#7 Ring story# Vijay K story
The Sharks’ Reactions
The pitch sparked interest among the sharks, but not all of
them were convinced. Anupam Mittal and Aman Gupta opted out, citing concerns
about whether the market was ready for such a product. However, Vinita Singh
and Varun Alagh saw potential and offered ₹50 lakhs for 1% equity along with
₹25 lakhs as a loan at 10% interest. Peyush Bansal made a bold move, offering
₹75 lakhs for 3% equity.
The Final Deal
After negotiations, the founders accepted an offer from
Vinita, Varun, and Peyush, who invested ₹75 lakhs for 3% equity, split as 1.5%
direct equity and 1.5% advisory equity. This investment was a turning point for
7 Ring, giving them the capital and mentorship needed to expand.
Market Potential and Growth Opportunities
With the funding secured, 7 Ring is now positioned for mass
adoption. Its affordability, convenience, and versatility make it an attractive
choice for everyday users. The ring’s metro card integration also opens doors
for partnerships with public transport systems, enhancing its appeal.
Competing with Industry Giants
While 7 Ring is an innovative product, it faces competition
from global wearable brands like Apple and Fitbit. However, its unique
no-battery, no-pairing feature sets it apart, making it a more accessible and
practical choice for Indian consumers.
Challenges Moving Forward
For 7 Ring to succeed, consumer education is crucial. Many
people are still unfamiliar with NFC payments, so spreading awareness about its
security, ease of use, and advantages will be essential. Additionally,
navigating changing government regulations in digital payments remains a
challenge
Expanding Beyond India
With partnerships with RuPay, Visa, and MasterCard, 7 Ring
has the potential to expand internationally. As more countries adopt
contactless payments, the product’s scalability and global appeal will grow,
opening doors to new markets and opportunities.
A Bold Step Toward the Future
Vijay Khubchandani and his team have worked tirelessly for
seven years to make 7 Ring a reality. Their resilience, innovation, and
determination have positioned them as pioneers in the wearable payment
industry. With the support from Shark Tank India and a growing demand for
seamless payment solutions, 7 Ring is set to revolutionize how we pay—one tap
at a time.
Timeline for story
2018 – Vijay Khubchandani founded Seven, a D2C fintech
company.
2020 – Raised ₹65 lakhs in funding for 7 Ring development.
2021 – Faced regulatory delays due to government
restrictions on MasterCard.
2023 – Prepared to scale 7 Ring and explored investment
opportunities.
2024 – Pitched on Shark Tank India Season 4 and secured ₹75
lakhs.
2025 – Focused on mass adoption and expansion beyond India.
.jpg&description=Biography of Vijay Khubchandani: Founder and CEO of 7 Ring -Entrepreneur){kind=link}