Wearable payments device startup Seven raises Rs 4 crore in funding

Venture Catalysts, India’s leading early-stage investment firm and integrated incubator, has led a Rs 4 crore pre-Series A funding round in Seven, the Mumbai-based fintech startup behind India’s first indigenous contactless payment ring.

The round saw additional backing from existing investor Vinners, a SEBI-registered Category I AIF, and Anchorage Capital Partners, which is supported by the family office of the Sheth family—promoters of The Great Eastern Shipping Company. This infusion of capital will enable Seven to expand production of its flagship product, the 7 Ring, and expedite the launch of a more affordable version, the 7 Ring Air, expected to debut between July and September 2025.

Certified by RuPay and MasterCard, the 7 Ring is a contactless wearable that allows users to conduct tap-and-pay transactions through an NFC-enabled prepaid wallet. Notably, the ring does not require charging, a PIN, or even a smartphone to function—an innovation designed to widen access to digital payments in a market increasingly reliant on mobile and biometric tools.

“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, in a statement. “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 emerged from India’s embedded systems and fintech landscape with a mission to create user-centric, durable hardware. The 7 Ring—built from IP68-rated zirconia ceramic—supports both traditional POS transactions and tap-ins at metro stations. It carries a dual-revenue model through interchange fees of 1.08% at point-of-sale terminals and 0.40% at transit gates.

The startup, which gained initial visibility on Shark Tank India, is currently beta-testing National Common Mobility Card (NCMC) compatibility. It also has plans to integrate credit card tokenization. With this funding, Seven aims to deploy 3 million rings by 2028, targeting daily metro commuters and the country’s rapidly expanding base of UPI users.

According to industry estimates, India’s digital-payments value pool is projected to reach about Rs 590 trillion by FY29, with transaction volumes growing at a ~42 % CAGR. In fiscal year 2025 alone, India recorded 185.8 billion UPI transactions.