Mumbai-based fintech startup Seven, the company behind India’s first homegrown contactless payment ring, has secured ₹4 crore in a pre-Series A funding round led by Venture Catalysts, India’s leading early-stage investor and integrated incubator. The round also saw participation from Vinners, a SEBI-registered Category I AIF, and Anchorage Capital Partners, backed by the Sheth family—promoters of The Great Eastern Shipping Company.
The funds will be used to scale up production of the company’s flagship wearable device, the 7 Ring, and to accelerate the launch of a more affordable model, the 7 Ring Air, slated for release between July and September 2025.
India’s First Indigenous Contactless Payment Ring
Certified by RuPay and MasterCard, the 7 Ring is a NFC-enabled wearable payment device designed for seamless tap-and-pay transactions via a prepaid wallet. It stands out for its:
- No charging requirement
- No PIN or smartphone dependency
- Waterproof, durable ceramic design (IP68-rated zirconia ceramic)
These features make the 7 Ring particularly attractive in a country where access to smartphones and consistent power supply can be limiting factors for digital adoption.
Aligning Fintech with Fashion and Function
“Seven’s vision to merge fashion with fintech aligns perfectly with India’s journey toward becoming a global leader in digital transactions,” said Dr. Apoorva Ranjan Sharma, Co-founder of Venture Catalysts. “By eliminating charging needs and smartphone dependency, the 7 Ring democratizes access to secure payments.”
Founded by Vijay Khubchandani, Mahek Savla, and Karthik Menon, Seven is part of the new wave of Indian startups focused on hardware-centric fintech innovation. The product has been designed for compatibility with metro transit systems and point-of-sale terminals, supporting a dual-revenue model:
- 1.08% interchange fee at POS terminals
- 0.40% at metro transit gates
From Shark Tank to Mainstream Market
Seven gained early visibility after featuring on Shark Tank India, and is now beta-testing NCMC (National Common Mobility Card) compatibility, while also working on credit card tokenization integrations. With this fresh capital, Seven aims to deploy 3 million units by 2028, targeting India’s rapidly growing base of metro commuters and UPI users.
Riding the Wave of Digital Payments
India’s fintech market continues to see exponential growth. According to industry estimates, the digital payments value pool is projected to reach ₹590 trillion by FY29, with transaction volumes expected to grow at ~42% CAGR. In FY25 alone, India recorded 185.8 billion UPI transactions.
By offering a lightweight, reliable, and fashion-forward payment solution, Seven is well-positioned to carve a niche in India’s booming digital economy—bridging the gap between technology, utility, and daily convenience.
