Mumbai-based fintech startup Seven, known for creating India’s first indigenous contactless payment ring, has raised ₹4 Cr in a pre-Series A funding round led by early-stage investor Venture Catalysts.
The round also saw participation from existing investor Vinners, a SEBI-registered Category I AIF, and Anchorage Capital Partners, backed by the family office of the Sheth family—promoters of The Great Eastern Shipping Company.
The fresh capital will be used to scale production of the flagship 7 Ring and accelerate the launch of 7 Ring Air, a more affordable variant expected to roll out between July and September 2025.
The 7 Ring, certified by RuPay and MasterCard, is a wearable NFC-enabled prepaid device that enables tap-and-pay transactions. What sets it apart is its design—it requires no charging, PIN, or smartphone connectivity, offering a seamless experience especially suited for broader digital payment adoption in India.
“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 focuses on building durable, user-first hardware. The 7 Ring—made from IP68-rated zirconia ceramic—supports both retail POS payments and metro transit tap-ins. Its dual-revenue model earns 1.08% interchange fees at point-of-sale terminals and 0.40% at transit gates.
Gaining early traction after featuring on Shark Tank India, Seven is currently beta-testing support for the National Common Mobility Card (NCMC) and has plans to implement credit card tokenization.
With this funding, Seven aims to deploy 3 million rings by 2028, targeting metro commuters and the country’s growing base of UPI users.
India’s digital payments market is expanding rapidly, with projections placing its value at ₹590 trillion by FY29. In FY25 alone, UPI transaction volume stood at 185.8 billion, highlighting the massive potential for wearable payment innovations.
