Mumbai-based fintech startup Seven has successfully raised ₹4 crore in its pre-Series A round, marking a pivotal moment in India’s wearable payments landscape. Venture Catalysts led the round, while existing backers Vinners and Anchorage Capital Partners, supported by the Sheth family office, also invested.
With this capital injection, Seven plans to ramp up production of its flagship wearable, the 7 Ring, and accelerate its push into affordable wearables through a new variant named 7 Ring Air. The company also aims to expand its footprint via metro stations and major e-commerce platforms such as Amazon and Flipkart.
Smartwear Meets Fintech: The 7 Ring
Seven’s core innovation, the 7 Ring, delivers a contactless tap-and-pay experience through a ring-shaped device powered by NFC (Near Field Communication) technology. Users can make payments by simply tapping the ring on a point-of-sale terminal—no phone, no app, no battery, no PIN.
Vijay Khubchandani, Mahek Savla, and Karthik Menon co-founded Seven with a clear mission: to offer seamless, secure, and stylish fintech solutions to India’s mobile-first consumer base. With the 7 Ring, they addressed a crucial gap in the Indian digital payments space—minimalist and infrastructure-light wearables that eliminate dependency on power, smartphones, or biometric prompts.
Rugged Yet Refined: Engineering Behind the 7 Ring
Seven didn’t cut corners on quality. The team designed the 7 Ring with a zirconia ceramic shell, which meets IP68 water and dust resistance standards. This makes it highly durable and suitable for daily use, including in India’s often unpredictable weather conditions.
The ring uses NFC chips certified by RuPay and MasterCard, and links to a UPI-powered prepaid wallet. Users can top up the ring via the Seven app, which syncs their transaction history and balance without requiring constant connectivity.
Because the device doesn’t require a power source or internet access, users enjoy truly contactless functionality. This sets the 7 Ring apart from smartwatches and other wearables that need constant charging and Bluetooth tethering.
Strategic Capital for Strategic Growth
Seven plans to allocate the newly raised ₹4 crore toward three main growth levers:
1. Scaling Production
The startup will expand its manufacturing capabilities to meet growing demand. With the smart ring gaining traction, Seven needs to address supply-side constraints and build inventory ahead of the launch of 7 Ring Air.
2. Launching 7 Ring Air
In Q2 FY26, Seven will unveil a more affordable variant called 7 Ring Air. The new model will cater to budget-conscious users while maintaining the core functionality of the original product. This variant will target a wider demographic, including students and entry-level workers.
3. Expanding Distribution Channels
Seven plans to distribute the rings through metro station kiosks in major cities and online via Flipkart and Amazon. By embedding itself in daily transit zones, the company targets India’s growing urban commuter base—a segment that performs millions of UPI transactions daily.
UPI Integration and Revenue Model
The 7 Ring integrates with a UPI-backed prepaid wallet, allowing users to load funds and transact across thousands of merchant locations that support NFC-enabled point-of-sale terminals. This wallet model enables full regulatory compliance and keeps user data secure.
Seven earns its revenue through two main channels:
- Merchant transaction fees at POS terminals
- Interchange fees from metro transit payments
The startup also aims to expand revenue sources by introducing premium subscriptions and co-branded partnerships with banks and transit authorities.
Advancing Toward NCMC and Tokenization
Seven has already started beta testing compatibility with India’s National Common Mobility Card (NCMC) infrastructure. This development will allow users to tap and pay for public transportation in metro trains, buses, and tolls using a single ring.
The team also works on implementing credit card tokenization, a feature that enables the 7 Ring to function with stored credit credentials without exposing card numbers—boosting both convenience and security.
These enhancements place Seven in a strong position to compete with global wearable payment solutions while staying rooted in Indian regulations and payment standards.
From Shark Tank to Serious Scale
Seven first gained public attention on Shark Tank India, where the founders pitched the ring and secured early interest from investors. The exposure catapulted the product into the spotlight and helped it secure initial funding and market validation.
Unlike many post-Shark Tank startups that fade from the public eye, Seven maintained momentum by focusing on hardware optimization, certification acquisition, and user testing. The founders resisted premature scaling and instead built a robust foundation of user feedback and manufacturing partnerships.
Now, with growing consumer interest and funding to match, Seven stands ready to scale its offering nationally.
Vision for 2028: 30 Lakh Rings in Circulation
Seven has set an ambitious yet realistic goal: deploy 30 lakh rings across India by 2028. The team believes the market holds massive potential—especially among:
- Daily metro and bus commuters
- Office workers in tier 1 cities
- Digitally savvy college students
- UPI-first users in non-metro regions
The startup plans to use a mix of direct-to-consumer marketing, strategic partnerships, and embedded payment programs to hit this target. Seven also eyes international expansion, especially in Southeast Asia and the Middle East, where mobile-first fintech adoption mirrors India’s.
Investor Confidence in Wearable Fintech
Venture Catalysts led the current round based on a strong belief in Seven’s leadership and product-market fit. The VC firm highlighted the founders’ unique positioning in wearable payments and their ability to execute a hardware-first fintech vision.
Existing investors Vinners and Anchorage Capital Partners doubled down on their support. Anchorage, backed by the Sheth family office, noted the team’s ability to blend fashion with function and payment-grade security.
With the Indian wearable market projected to grow at 15% CAGR through 2030, investors see Seven as a pioneer capable of defining the category in the fintech sector.
The Road Ahead: What’s Next for Seven?
Over the next 12 months, Seven will:
- Double its manufacturing output
- Launch 7 Ring Air with a sub-₹2,000 price point
- Expand to five metro transit systems
- Secure additional certifications for international markets
- Integrate credit card tokenization with major banks
The founders also aim to refine the in-app experience, adding analytics, budgeting tools, and smart alerts for better financial wellness.
Conclusion
Seven has positioned itself at the intersection of fintech innovation and consumer lifestyle. By transforming a piece of jewelry into a secure payment device, the Mumbai-based startup addresses India’s hunger for fast, frictionless, and phone-free payments.
With fresh capital, a clear roadmap, and growing investor confidence, Seven looks ready to lead India’s next wearable fintech revolution—one tap at a time.
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