Source: PYMNTS.com
Mumbai-based fintech startup Seven, which launched the smart contactless payment device 7 Ring, announced it has raised ₹4 crore in a pre-Series A funding round. The pre-series A funding round was led by early-stage investment firm Venture Catalysts. Existing investor Vinners, and Anchorage Capital Partners, backed by the Sheth family office, also participated in the round.
The latest investment will allow Seven to ramp up production of its flagship product 7 Ring, produce a new budget version called 7 Ring Air by Q2 FY 2026, and increase distribution of its payment device sets in metro stations and through online channels like Amazon and Flipkart.
Seven was established by Vijay Khubchandani, Mahek Savla, and Karthik Menon.
The flagship offering is called 7 Ring. 7 Ring is a smart wearables device that enables users to make secure payments by simply tapping at payment terminals. The device uses NFC (Near Field Communication) technology and does not require a mobile phone, would not need a PIN and does not even need to be charged.
The 7 Ring has certifications from RuPay and MasterCard, and is connected to a prepaid wallet powered by UPI. This allows users to perform the transactions at a variety of merchants and services in India who are using digital payments. The device is made from zirconia ceramic which makes it waterproof and dustproof with an IP68 rating, and is designed for everyday use.
Seven generates revenue from interchange fees on POS (Point of Sale) machines and metro stations. Right now, the startup is in the process of testing support for the National Common Mobility Card (NCMC), which would let users make payments for public transport across the country using the ring. The team is also working on a feature to allow users to tokenize their credit cards to accept credit cards via the ring.
After being featured in Shark Tank India and presenting its innovative payment solution, the startup has gained attention from the public and has been met with greater interest since then. The goal is to sell 30 lakh (3M) rings by 2028. The company is primarily targeting metro commuters and UPI users who prefer a quicker, more hassle-free way to pay, without carrying their phones or cards.
The start-up is looking to grow its presence in India’s expanding wearable payments market with this funding. As digital payments become more prevalent, smart wearables like 7 Ring are likely to play a larger role in everyday payments.
