7 Ring: Mumbai’s Innovative Contactless Payment Solution

Mumbai’s fintech startup, Seven, has developed a groundbreaking contactless payment smart ring known as 7 Ring and secured Rs 4 crore in its pre-Series A funding round. This funding was primarily led by Venture Catalysts.

The fundraising also attracted interest from current investor Vinners and Anchorage Capital Partners, connected to the Sheth family office. The capital raised aims to boost the production of the popular 7 Ring, introduce a more cost-effective version named 7 Ring Air by the second quarter of FY26, and enhance distribution through metro stations alongside e-commerce platforms such as Amazon and Flipkart.

Revolutionising Payments with 7 Ring

Seven, co-founded by Vijay Khubchandani, Mahek Savla, and Karthik Menon, offers a unique wearable fintech solution that supports secure tap-and-pay transactions via NFC technology. This innovative device negates the necessity for batteries, PINs, or smartphones.

The smart ring is certified by RuPay and MasterCard and connects to a prepaid wallet driven by UPI, ensuring a seamless payment experience. Designed with a durable IP68-certified zirconia ceramic build, 7 Ring focuses on providing a stylish yet functional payment tool.

Business Model and Future Plans

Seven generates revenue through POS and metro interchange fees while actively beta testing National Common Mobility Card (NCMC) compatibility and developing credit card tokenisation features. The firm gained early exposure on Shark Tank India and has ambitious plans to deploy 30 lakh rings by the year 2028, aiming specifically at daily metro commuters and UPI users.