Venture Catalysts, one of the country’s leading early-stage investment firms and integrated incubators, has spearheaded a Rs 4 crore pre-Series A funding round in Seven, a Mumbai-based startup that’s revolutionizing digital payments with India’s first indigenous contactless payment ring.
🔍 About Seven – Blending Fintech with Wearable Innovation
Founded by Vijay Khubchandani, Mahek Savla, and Karthik Menon, Seven is a product-first fintech startup focused on embedded systems and contactless payment hardware. The company shot to early fame after appearing on Shark Tank India, and has since gained credibility for introducing the 7 Ring—a sleek, IP68-rated zirconia ceramic ring that facilitates NFC-based tap-and-pay transactions.
Unlike other wearables, the 7 Ring requires no charging, PIN, or even smartphone connectivity. Users can complete transactions seamlessly at POS terminals and metro gates, making it ideal for commuters and mobile-first users.
🚀 What the Funding Will Power
With support from Vinners (a SEBI-registered Category I AIF) and Anchorage Capital Partners (backed by the Sheth family of The Great Eastern Shipping Company), this capital infusion will help Seven:
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Expand production capacity of the flagship 7 Ring
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Launch a more affordable variant—7 Ring Air—between July and September 2025
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Beta test NCMC integration (National Common Mobility Card)
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Prepare for credit card tokenization rollout
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Target deployment of 3 million units by 2028
🏦 Fintech Backing from Venture Catalysts
“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. He emphasized how the device’s independence from smartphones and charging makes it a game-changer in democratizing payment access.
This move is part of Venture Catalysts’ ongoing commitment to backing innovative, scalable startups across India’s digital and mobility sectors.
📊 Digital Payments: India’s Billion-Dollar Opportunity
India’s digital payments landscape is rapidly scaling. Here’s why fintech innovations like Seven are crucial:
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🇮🇳 India processed 185.8 billion UPI transactions in FY2025
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The digital payments value pool is expected to touch Rs 590 trillion by FY29
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Transaction volumes are growing at a CAGR of ~42%
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Contactless payments and wearables are projected to be the next frontier
Seven’s dual-revenue model (1.08% interchange on POS and 0.40% on transit) offers a strong monetization strategy as adoption grows.
🔗 Why This Matters for Startup Ecosystem Enthusiasts
At Innovent Blog, your go-to source for startup and VC updates, we believe Seven represents a new wave of “fintech meets fashion” innovation—combining durability, simplicity, and wide usability.
This funding update is not just a win for Seven—it showcases how strategic investments by players like Venture Catalysts are empowering hardware-first fintech disruptors. Startups that bridge convenience with scale will shape the future of India’s payment economy.
📌 Stay tuned to Innovent for more funding news, early-stage success stories, and insight-backed startup strategies.