Venture Catalysts Invests in India’s First Contactless Payment Ring

Venture Catalysts, a prominent investment firm, has spearheaded a funding round of ₹4 crore for Seven, a fintech startup based in Mumbai. Known for its groundbreaking contactless payment ring, this startup is poised to revolutionize digital transactions in India.

Investor Support and Expansion Plans

Alongside Venture Catalysts, Seven has garnered additional backing from existing investor Vinners, a SEBI-registered Category I AIF, and Anchorage Capital Partners, which is affiliated with the Sheth Family Office, known for their role as promoters of the Great Eastern Shipping Company. This capital infusion is set to enhance the production of Seven’s flagship product, the 7th ring, and expedite the rollout of a more economical version named the 7 Ring Air, expected to launch between July and September 2025.

Innovative Payment Technology

The 7th ring, certified by Rupay and Mastercard, enables users to conduct tap-and-go transactions via a prepaid NFC-compatible wallet. Uniquely, the ring operates without the need for charging, a pin, or even a smartphone, significantly broadening access to digital payments in a market increasingly reliant on mobile and biometric technology.

Vision for the Future

Dr. Apoorva Ranjan Sharma, co-founder of Venture Catalysts, emphasized, “Seven’s vision of merging fashion with fintech perfectly aligns with India’s goal of becoming a global leader in digital transactions. By removing the need for loading and smartphone dependency, the 7 ring democratizes access to secure payment methods.”

Design and Revenue Model

Founded by Vijay Khubchandani, Mahek Savla, and Karthik Menon, Seven has emerged as a significant player in the Indian fintech landscape. The ring, constructed from zirconium ceramics and boasting an IP68 rating, facilitates both traditional point-of-sale transactions and tap-ins at metro stations. The company’s dual revenue model consists of a transaction fee of 1.08% on point-of-sale terminals and a 0.40% fee at transit access points.

Growth and Market Penetration

Gaining initial traction through visibility on Shark Tank India, the startup is currently beta testing compatibility with national common mobility cards (NCMC) and planning to integrate credit card tokenization. With the new funding, Seven aims to deploy 3 million rings by 2028, targeting daily metro commuters and the rapidly growing base of UPI users across the country.

Future of Digital Payments in India

Industry estimates suggest that the digital payments landscape in India is set to soar to approximately ₹590 trillion by FY29, with transaction volumes expected to grow at a CAGR of around 42%. In just 2025, India recorded a staggering 185.8 billion UPI transactions, highlighting the increasing reliance on digital payment systems.