Abhishek012
TF Pioneer
Shark Tank India 4: Aman Gupta opts out from investing in UPI Payment ring startup; says 'milte hai fir market mein'
Shark Tank India Season 4 saw the introduction of a smart ring by the startup Seven, which allows single-tap UPI transactions without needing charging. Though some judges were skeptical, Vineeta Singh, Varun Dua, and Peyush Bansal agreed to invest 75 lakh for 1.5% equity and 1.5% advisory shares.Shark Tank India Season 4 has featured a wearable gadget that enables consumers to make payments using a ring. The ring works with UPI transactions and will soon be available for metro, bus, and train rides as well. Aman Gupta, whose company specialises in wearable technology, was startled when he saw the gadget and stated that he was hearing about it "for the first time."
Vijay Khubchandani, Maek Savla, and Karthik Menon, three Mumbai entrepreneurs, introduced their startup, Seven, which offers smart rings that process single-tap payments. The ring is not linked to a bank account but instead operates through a wallet that can be topped up with UPI. They further claimed that the unique characteristic of their product is that it does not require charging. The team stated that the technology would soon be accessible for metro rides as well, and they anticipate an increase in sales once that option is implemented. The pitchers requested Rs 75 lakh for one percent of the company, which is valued at Rs 75 crore.
As investors began to ask questions about the product and the firm, Anupam Mittal voiced an obvious question: "Do we even need it?" The pitchers stated that they believe they have a one-of-a-kind product that would undoubtedly gain popularity because it simplifies the payment process. Anupam backed out of the agreement after asking the most questions. Aman Gupta was hesitant to express his appreciation, stating, "Payment via ring..." "I'm hearing this for the first time."
The pitchers explained that they established their business in 2017 but were unable to sell the product owing to many delays that were beyond their control. They finally marketed the product in 2023, but only sold 3000 rings in a single year. Aman Gupta opted out of the deal by saying, "Milte hain fir market mein (See you in the market)" to potential competitors.
Vineeta Singh, Varun Dua, and Peyush Bansal agreed to invest in the startup because Peyush believed it had the potential to be the "tap equivalent of UPI." After considerable haggling, the sale was eventually concluded at Rs 75 lakh for 1.5 percent equity and 1.5 percent advisory shares.
